Spring Clean Your Finances
With Insight.out Financial
With the retirement age increasing and JAMs (just about
managing) making up a sizeable chunk of the population, it’s
time to break bad habits and embrace new ways of living, and
saving, with a financial Spring clean!
Named as the Best Financial Advisor in Scotland and
Northern Ireland at the Women in Financial Advice Awards
2018, Jayne Gibson from Insight.Out Financial is one of the
leading lights when it comes to lifetime financial planning.
From advising clients in their 20s to guiding clients in
retirement, here Jayne outlines some valuable financial advice
regardless of what stage you’re at in life.
It’s never too late to make a difference and with
determination to improve your finances, and a commitment
to a new financial routine, some solid planning could pay
dividends in the future.
Reflecting on good practice throughout the decades, Jayne’s
advice is as follows:20s | Whether having just finished University with huge loans
or in the first rungs of your career, creating a lifetime financial
plan is not a priority for many people in their 20s. In addition, the
changing nature of work means that there’s more people self-
employed, freelancing and in more fluid positions – ‘jobs for life’
are a thing of the past.
Ironically, this is why it’s even more important than ever before
that people have a financial roadmap. The huge pension pots that
many people in their 20s would have heard about from parents
are now hearsay and there’s an increasing reliance for people to
create their own nest eggs for future years.
Becoming a prudent saver and starting to create positive
spending and saving habits, will be of huge benefit in future
decades, especially when mortgages, children, and life’s ‘curve
balls’ are thrown in.- Speak to a qualified financial advisor who will create that
roadmap for you and review it annually. A little effort will help to
generate huge rewards. - Start saving for your future as early as possible – ideally when
you first start work - Small amounts in the early years are worth more as they have a
longer period to grow in value - All companies are now required to offer a workplace pension,
with contributions from the business and the individual. Choose
to opt in.
30s | This is the decade when thoughts about retirement start
to kick in and the financial freedom of your 20s seems like a long
time ago.
As you hit your mid to late 30s, the practicalities of reaching and
preparing for a good retirement are important.
It can seem difficult to manage your finances as often mortgages,
childcare and everyday bills are at a premium in your 30s however
with solid advice, developing a practical pension plan is the best
way to navigate your finances.
Finding spare cash can be a struggle but prioritise it - it’s as
important as a weekend away or your TV subscriptions. Rethink
your budget and stay on top of debt repayment.
If you have children, it’s not just their needs right now that need to be
considered, but their future requirements such as further education.
If you haven’t started to plot your financial future, remember...it’s not too late! As people reach their 30s, they’ve progressed
in their career, are more considered about their futures and
committed to making long-term decisions.- See a Financial Advisor. They will assess your current position,
outgoing and make a financial plan for your future - Make the most of your available tax allowances and are not losing
out on your personal income tax allowance and child benefit. - With a plan in place look to protection to make sure it stays on
track even if the unthinkable happens.
40s | Although you might still feel like you’re 20 and wonder how
you’re now in your 40s, it’s really time to think about your future.
You’re half way into your working life and reassessing your current
financial situation, combined with where you’d like to be in the
future is important.
If you have additional funds, speak to a lifetime financial planner
about investments. If you’re already on the investment ladder,
diversity investments and assess risks and rewards.
Estate planning is a reality of life, and it’s something that should
be considered in your 40s if not before. Combining estate
planning with your retirement goals will give a Lifetime Financial
Planner a clear outline of where you’d like to be, and they can help
to ensure the steps are in place to make this a reality. - Consider your future lifestyle after retirement, and not just in
terms of your finances. What are the goals, how do you see your
retirement, what are your lifetime ambitions? - This is the decade when you can really make a difference to
building your wealth. Aim to contribute as much as you can
to pension and ISAs as these help your money work more
efficiently for you - Consider annual reviews with a Lifetime Financial Planner
- Make sure your plans remain well protected
Five takeaways for building up a healthy pension:
- Even the smallest amount will make a difference. Start building
your savings from your first full time job - As your salary increases, gradually build up your contributions
- Prioritise a pension
- Get solid advice. Meet with a lifetime financial planner who will
set in place a financial plan for your future - Schedule financial reviews with a qualified advisor who will be
able to help keep your plans on track and help to make any
adjustments needed to deal with life’s hiccups.
Insight.Out Financial offers independent financial advice and is
committed to upholding high professional standards. We provide
lifetime financial planning, and this can include pension transfer
advice, investment planning, financial and tax planning, personal
protection, and business financial planning. Our aim is to help
clients to understand and achieve their financial goals.Insight.Out can be contacted on 028 9590 2280 or via email:
[email protected] The company is located at 137 -
141 Holywood Road, Belfast, BT4 3BE.Risk warning: The value of investments and the income from them
can fall as well as rise and past performance is not a guide to
future performance. You may get back less than you invested as
investment returns are not guaranteed.231Column / Know the LawJayne Gibson,
Insight.Out Financial