What happens if you don’t have enough?

Financial life planning is all about ensuring you have sufficient funds to support the lifestyle you want – both now and in the future. But what happens if you don’t have enough?

I always start by recommending clients complete their Return on Life Index Assessment. You can do that here: …

This gives you a good snapshot of where you are right now, against the goals and aspirations you have for every element of your life.

Once you have created your assessment we can talk about where your finances are currently, and if you have sufficient funds to support the goals you have set.

Whilst many of my clients have a pleasant surprise when we do this exercise, and I am able to demonstrate they already have sufficient money for their future, that’s not always the case.

If you don’t have enough money, then we will need to talk about what is next.

So, first of all, prioritise those goals. Which ones are non-negotiable? You may be determined to support your children having an independent education or going through university, if so, you won’t want to give that up.

It might be that you are determined to have your once in a lifetime holiday. But maybe we can push that out a couple of years, to give you some breathing space to save and ensure you enjoy it to the maximum.

If you have identified you want to move away from working full time, it might mean you need to wait a few years before doing that.

Equally, you need to reflect on the job you hold now and what the current employment market is like. Right now, there are many sectors struggling to recruit people with strong skills. Is that relevant to you? Could you find another job that is better paid than the one you have now? And, is it something you would want to do?

Remember, just because a role is better paid does not mean it will be better for you. If you are going to have a long commute you may not be better off. If the benefits you would have are not as good as those you have now, your longer term future could still suffer. This is particularly relevant around pensions and life assurance.

And don’t underestimate the stress levels. Not only getting to grips with a new role, but the possible additional expectations and responsibilities you might inherit with a new employer.

Of course, looking at your current spending is also vital.

It’s easy to review the simple stuff – utility bills, mortgage, insurance and so on. But many clients forget to cost in all the incidentals that quickly add up – hair and beauty appointments, golf club membership, meals out, clothes and so on. Even grabbing a coffee several times per week can add up.

It is likely that at least some of your current spending will need to change if you really want to achieve your goals.

I am also keen for you to reflect on what it might take to get to where you want to go. For some it can mean quite big sacrifices. I don’t want you to have to significantly alter your current lifestyle to achieve a future goal, and later regret that. We only have one life and it is important that you enjoy that now, not just one day in the future.

So, just how much do you really want those things you have put in your plan? And are they worth you changing now to get them?

Looking at this on a regular basis is what we offer through LifePlan.

We keep in contact with you to review your goals and your financial status towards achieving them. Things change, and so the plan changes. But for you, it gives you peace of mind that someone is by your side, helping you to reach for your dreams. And making them a reality.

If you would like to talk about your financial life planning, please contact me on 01344 875 310.

Start getting a return on your life…

First steps: Take your free Return on Life Index assessment

what happens if you don't have enough?
Start getting a return on your life…

First steps: Take your free Return on Life Index assessment