Chloe Dunk, Financial Adviser at Meta Advisors, Principal Partner Practice of St. James’s Place Wealth Management shares her top tips on financial planning.

When do I need a financial adviser?

Is this a question you’ve ever asked yourself? 

Financial advice can feel quite a daunting prospect, and many people don’t know if they need to speak to someone or not. So I thought an explanation of how a financial adviser can help, would allow you to make that informed decision. 

🙋🏻‍♀️A financial adviser can guide you on what to do with your money to help you to achieve your goals now and in the future. This can be anything from:
💰Helping you to budget better so you don’t go into your overdraft each month
🏡Helping you to understand what your options are if you’re looking to buy a house
😁Review any existing arrangements you have in place to see whether they’re suitable, and will meet your needs
🥅Create a plan to support specific requirements, such as school fees planning, retirement planning, business finances and insurances to ensure you’re protected
🧭So if you want support and guidance on any of the above, then don’t hesitate to reach out to someone you know who can help, or find a financial adviser you feel comfortable with to help you to navigate these decisions. 

How can you enjoy life now, whilst planning for the future you want?

This might feel like the million dollar question… however, the answer is quite simple. You need to have a plan!
Without a plan, it can be very easy to live from day-to-day, enjoying life and spending your income how you please – but what happens when you get to the point where you want to stop working? Nowadays, we are retiring earlier and living longer, so it’s likely we’ll spend the same amount of time working as we do in retirement! 
So the real question here is do you want to make sure you can still enjoy life in retirement, with more time to enjoy hobbies and holidays?
If the answer is ‘yes’, it’s important to set your own plans in place, and make sure you understand what that will equate to when you get there. Speaking to a financial professional can help set you on the right track to enjoy life now, and have peace of mind that your future is sorted too. 

Five Top Tips for Building your Wealth?

💰Know your budget and stick to it. Whether that’s updating a spreadsheet every month to ensure you’re on track, or dividing money between different accounts to ensure you don’t overspend, knowing and sticking to your budget it a proven way to managing your finances with confidence. 

📈Invest where you can. You should always have an emergency fund in an easy access cash account of at least 3 months worth of your outgoings. However over and above that, investing your excess income and savings allows your money to work harder for you and gives your money the opportunity to grow

📲Diversify your income streams. The buzz term “side hustle” has become ever popular in the last few years – however, it’s definitely been a successful way to create a secondary income. Whether that’s the ability to monetise a hobby of yours, creating that opportunity can help you to build an additional income stream.

🥋Kick any bad money habits to the curb. It’s always tempting to dip into your savings, or spend a little more than your budget will allow to get that short term buzz from buying a new item, or spending money on an experience. However, always keep your focus on the end goal – because those short term wins, might hinder them if you let them take over. 

👨‍👩‍👧Remember – not all wealth is financial. The old saying “money doesn’t buy you happiness” is still true today. Whilst it can make you financially secure which in turn provides comfort and satisfaction, there comes a point where the real value comes from your relationships, your experiences and your quality of life. So whilst you’re on the path to achieving wealth, remember to not neglect your quality of life and relationships in the long run.

Chloe Dunk

Contact Number 07951468842