Setting up home
If you are married you may have made financial plans for your wedding and first home. However the financial considerations of a marriage don’t end when the honeymoon is over. There are other questions that arise from marriage that cannot be answered with a simple “I do.”
If you have decided that marriage is not for you at this stage and share accommodation with your partner, you may have saved the cost of getting married but setting up a new home is just as expensive.
How will your lifestyle change now that you have joint incomes?
You may have plans to start a family at some stage. Long before that time comes you will need to consider how this will affect your financial circumstances?
Will your house be big enough for you, and will you be able to afford to move? Will you need a larger vehicle or more than one?
How would you prefer your children to be educated?
Are you both able to look forward to a financially secure retirement?
Your Financial Planner can help you tackle these questions and also help with solutions that suit your particular requirements.
A new job will hopefully mean increased benefits and greater disposable income. This is the time to consider the implications of your new employment and review your financial objectives.
Your new job will have an effect on your plans for retirement, and this is definitely a good time to meet with your Financial Planner.
Most people move house, at least once during their lifetime and some far more often than this. You may be considering a move to a larger property to accommodate your growing family or the development of personal interests. You may be moving to a different area for professional or other reasons. It’s most likely that you will need to review your financial arrangements at this time.
If you are downsizing, you may have surplus funds. You may need advice on these additional assets as you consider your short and long-term goals.
Whatever your reason for moving house your Financial Advisor will be able to give you advice that meets your particular circumstances.
Your Own Business
Whether you are a sole trader or a limited company, there is more to consider than books of accounts.
Protecting yourself, your family and your colleagues if there is sickness or hospitalisation is essential. It’s also advisable to revisit your retirement objectives and review your other shorter term plans.
Separation or Divorce
Sadly, you and your partner may separate or divorce. At this time you will naturally take legal advice, but it is also a time to take advice from your Financial Planner.
Together you will consider all your financial affairs as you reassess your plans and aspirations for the future.
Starting a family
Most parents want the very best for their children and desire to give them an equivalent or better experience than their own.
This means making contingency plans for personal tragedies such as you or your partner falling ill or dying when the children are still dependent upon you. This includes preparing a will, and regularly reviewing it.
Will your children be educated privately? If so, how do you propose to pay for the school fees? Do you hope that they will attend university? Either way, the costs can be substantial and need to be incorporated into your financial plan at an early stage.