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Regular financial reviews may help you get more out of every stage of life

by RPG Chartered Financial Planners

Balancing your long-term goals with enjoying your life now can be a difficult balancing act. Regular financial reviews could ensure you get more out of your life at every stage by helping you to strike a balance that suits your needs. 

It’s a common misconception that financial planning is simply about accumulating wealth. While managing your assets is a key part of effective financial planning, it’s about more than that. A financial plan could give you the confidence to enjoy life now while securing your future. 

A financial plan could be valuable and help you reach your goals, but to get the most out of it, ongoing reviews may be just as important. 

Your goals and priorities may change over time

What were your goals and priorities 20 years ago? While some may have remained constant throughout your life, others could have changed significantly. 

Perhaps in your 30s, you were focused on progressing in your career and building wealth. However, once you start a family, your priorities may shift to improving your work-life balance so you can spend more time with your children. 

Similarly, you might initially decide you want to retire when you’re 70, but later find you’d like to give up work sooner so you can travel or spend more time on hobbies you’re passionate about. 

Your aspirations are an essential part of creating a financial plan. They will guide the decisions you make so they reflect what you want to get out of life.

So, regular reviews that provide an opportunity to talk about what’s important to you could help you enjoy life now and consider what you’d like to achieve in the future. 

A review could ensure your financial plan continues to reflect your circumstances

It’s not just your goals that will change throughout your life. Your financial circumstances are likely to vary through different life stages too.

When you first create a financial plan, you might be building your career and as you progress, your salary could change significantly. Updating your plan could help you assess how to use your income to enjoy life – should you increase your disposable income now or put more away for retirement? 

There isn’t a one-size-fits-all answer, so reviewing your financial plan could help you assess how to use your wealth in a way that continues to reflect your goals.

There are other reasons your financial circumstances may change too. Perhaps you receive an inheritance, start financially supporting elderly family members, or decide to reduce your working hours. 

Cashflow modelling is a tool you can use as part of your financial plan to help you visualise your wealth. It could show you how your assets will change over time.

Cashflow modelling may be useful when you want to understand the effect your decisions will have. For example, you might model how increasing pension contributions could alter your retirement income, or how gifting assets to your children might affect your financial security later in life.

The results of a cashflow model are based on assumptions, such as expected investment returns or inflation, so they cannot be guaranteed. However, regularly updating the information you input into a cashflow model, from your income to the value of assets, could improve the outcomes. 

Regular reviews could put your concerns about the future at ease

Worrying about the future is a common reason for being unable to enjoy the present or even look forward to long-term plans. Knowing that you’re being proactive in securing the future you want could ease some of these concerns.

A financial plan could address fears like whether you’re saving enough to retire. Reviews could also put your mind at ease about factors that are outside of your control. 

For example, you might worry about what would happen if you need care later in life, which could affect life satisfaction today. According to a report in FTAdviser, 59% of people worry about developing Alzheimer’s because of the pressure it would place on their family, and 41% are concerned about the cost of care.

If this is something you’re worried about, your financial reviews could provide a time to talk about your concerns and adjust your plan to put your mind at ease. For instance, you might decide to put money aside to act as a care fund or name a Lasting Power of Attorney so someone you trust could handle your affairs on your behalf.

We’re here to help you create and review your financial plan

As your financial planner, we’re here to work with you to create and then regularly review your financial plan to help ensure it continues to support your short- and long-term goals. Please contact us if you’d like to arrange a meeting. 

Please note:

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate cashflow planning.

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