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Financial 'Times'

In order to achieve and maintain long term financial health, a financial plan should be put in place early on. At each stage in life we will encounter changes in priorities, responsibilities and financial expectations and our goals and strategies should change in order to achieve financial happiness.


In your 20’s a financial plan may not be something you’re thinking about, however this is the perfect time to start as it will probably be in its’ simplest form.

  • Create a budget to figure out how much you can contribute toward your goals.
  • As a top priority, create an emergency fund in an account which is easily accessible to avoid unnecessary debt.
  • If you have any credit card debt, create a plan to tackle this.
  • Even though retirement will seem distant, start paying into a pension, the earlier you start saving the higher your chances of reaching your financial goals.
  • Start saving for a house deposit as this will probably be your next big step.
  • Lastly, put money aside to have fun, enjoy the money you earn!


Your 30’s bring in a lot of other factors to your financial plans, a home, a family, retirement plans? This is the time to make sure you’re covered for any major turn of events in the future.

  • Pay off any remaining credit card debt as a first priority.
  • If you have a home, look into home owners insurance.
  • Look at insurance options to protect your family and you in case anything untoward were to happen.
  • Seek advice and create a will to ensure you know exactly where your estate will go.
  • Appoint an adviser to ensure your money is being invested in the best way to help you achieve your financial goals.


With your earnings potentially at their highest, you’re more likely to be tempted to indulge, however this new found wealth is probably your best opportunity to plan for the years ahead.

  • Return to your adviser to reassess your portfolio aims with potential new found wealth from salary increases or inheritance.
  • Re-evaluate your will to ensure that you’re still happy with the allocation of your estate.
  • Look at your how much you’d ideally like in retirement, and calculate how much you will need to put away each month to achieve this.
  • Your parents may be reaching retirement and may need long-term care; this will need planning to ensure the financial responsibility doesn’t fall on you.


With your children dependent on you along with, potentially, your ageing parents, this may seem like a tough time but aim to prioritise your finances and keep those goals in mind at every point.

  • Investigate long-term care for after your retirement, maybe look at the costs of nursing homes and assisted living options.
  • Once you have determined your retirement date, return to your adviser to review and ensure that your asset allocation and portfolio risk are in line with your retirement goals.
  • Regularly speak to your adviser and assess your portfolio.
  • Revisit your will and make any necessary changes.


It’s now time to enjoy all your hard work in previous planning and focus on enjoying life whilst still being able to pass on some of your estate to your loved ones.

  • Pay off your mortgage if you’re in a place you wish to live during retirement so you are able the live debt free.
  • Within your regular meetings with your adviser you should look to discuss inheritance tax planning to ensure your loved ones benefit the most from what is left to them.
  • A great way to help with the future of your grandchildren is to start a pension for them to build on when they are able to contribute themselves.


After all the planning you should be living a comfortable retirement which will give you even more time to focus on loved ones and enjoy life!

  • Ensure your will is up to date and ensure you have looked at options for inheritance tax planning.
  • Consider sharing your financial planning tips with beneficiaries to ensure they continue to get the most out of their money.

To see our downloadable PDF version of this blog please click here.

Alternatively, you can find out more about our financial planning services here.  

The material above is intended for information purposes and does not constitute financial advice.