Finance
FINANCIAL WELLBEING
F
Andrew Fort B.A. (Econ.) CFPcm Chartered MCSI APFS, Certified and Chartered Financial Planner, Fort Financial Planning
inancial wellbeing means having financial security and financial freedom of choice, both now and in the future. Many things are tightly wrapped into financial decisions – beliefs and values, emotions and experience, so, what steps can you take to establish financial wellbeing?
Consider how well protected you and your family are. Life is full of ups and downs, so, being prepared for the unknown allows for peace of mind, and the ability to navigate yourself and your family through a financial crisis (death, illness, redundancy or an accident).
Set life and financial goals based on what matters to you and where you want be. Are these goals within reach? If not, what needs to happen to bring them closer?
Plan for the worst. Death is an uncomfortable subject but it must be broached. When did you last review your will? Is it still valid? Will your assets go to the right people? Do you have a lasting power of attorney?
Save for the future, by having ‘savings goals’. And what about retirement? What will that look like? And how will you fill your days when you no longer have to go to work? How much will your desired lifestyle cost? Plan your budget and spend less than you earn. Comparing costs of insurances might require a bit of research but the savings can be significant. Also, try to reduce non-essential expenditure. When shopping, ask yourself: • Do I need it? • Can I afford it? • Will I use it? • Is it worth it? • Do I have one already? Consider sitting down with a financial wellbeing planner. By working together, they can assist you in maximising your money’s potential.
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Be financially well-organised. It’s not easy but if you partner with a real financial planner, they can help guide you in the right direction. In essence, financial wellbeing allows you to concentrate on enjoying life without worrying about many of the ‘what ifs’. It pleases me to know that the clients of my firm worry less about money and their future than they used to. Much of my own happiness derives from knowing that while I’m alive my wife and I are able to do the things we enjoy and spend quality time with our family, while at the same time knowing that when our time is up the people that we want to benefit will benefit. ffp.org.uk
