Sometimes, it might feel like retirement is so far off and that there’s nothing you can do besides save, but that’s not true. There is plenty to be done when it comes to your finances to gain some peace of mind for the future. As we near the turn of the new year, there’s never been a better time to ensure your financial future is in order.
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
Always stay focused on your goals
It’s easy to start out your journey enthusiastic and raring to go but lose your way along the way. Check in with your goals periodically to ensure you’re staying on track. Do what you can to correct your course if you’ve gone off track or if you find you need to adjust your goals or tactics, don’t be afraid to make changes.
Top tip: Come up with little tricks to encourage meeting milestones, like savings goals, to help with motivation. There are always things you can do to refocus on your goals.
Build and stick to your plan
When speaking to new clients, we always begin a financial plan with their current financial situation. Ideally, you should build a budget and a plan to pay off any debt as quickly as possible while contributing as much as you can afford to pensions and savings.
To help manage your finances, track all your money – income and expenses – so nothing comes as a surprise. Your savings and investment plan should include a diverse portfolio so you can weather any storm the market and the wider economy goes through. It’s important to stay on top of market fluctuations but don’t forget to remain calm and trust your investment decisions.
Build good habits
The best thing to do for your bank account is to develop good habits – not spending more than you’ve earned, paying down your debts, having an emergency fund, and creating a diverse investment portfolio. The sooner you start to get your finances in order, the better, as pensions savings and investments often reward you for long-term dedication thanks to compound interest and the nature of the market.
Don’t go it alone
No man is an island. If you’re feeling the pressure during particularly tough times, reach out to a professional who can help put your mind at ease. Of course, it’s worrisome to watch an investment suffer, but if you’ve prepared a diverse portfolio, the overall impact shouldn’t be too bad.
A professional financial adviser can help remind you that you’ve made a solid financial plan and that you shouldn’t worry about financial decisions you’ve made. Working with a professional enables you to discuss your concerns in order to keep your emotions in check. It’s always worth the time and money to ensure your long-term investment strategy remains on track.
Ready to bring your financial plans to life?
A successful financial future is different for everyone. Whatever your future looks like and whatever your plans entail, expert professional financial advice can help bring them to life. Don’t hesitate to get in touch with us to find out more or to discuss your future plans.
Looking to the Future?
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.