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Financial Planning Advice – Tips For Making Financial Decisions
Our current economic state is undoubtedly a source of worry for all of us, with many now seeking financial planning advice for the first time as a matter of urgency.
However, there is a silver lining to be found.
According to recent research, 65% of consumers are now planning to save regularly, up from 58% in 2021. What’s more, the majority of those planning to squirrel away their hard-earned cash are doing so in preparation for a “rainy day” as opposed to a luxurious splurge; proof that financial planning has become more of a priority than ever.
But where do you begin when it comes to planning for and achieving your financial goals?
In this article, we offer advice on how to make the most out of your money – both now and in the future.
Tip No. 1: Take baby steps with your planning strategy
Depending on what stage of life you are in, you may have numerous financial objectives yet to reach. This is why it is better to create a financial plan focused on individual stages, rather than aiming directly for the finish line.
From mortgage payments and college fees to those many retirement getaways, every “big money” investment must be accounted for. Make your plan less daunting and more achievable by taking it in five or 10-year increments, listing what your financial priorities are for each stage of your life and estimating the amount you will ideally need to achieve them.
Tip No. 2: Differentiate between “needs” and “wants”
Now that you have a rough idea of your “number”, it’s time to figure out how to fund it!
Start at the very beginning by first listing all your outgoings, from mortgage or rent payments and utility bills to those takeaway lunches and weekend cocktails.
Then, tally up all your sources of income. Balance one against the other to figure out how much you can realistically save each month, as well as where you can cut back on expenditure.
Tip No. 3: Ditch the debt
Starting a savings strategy at the earliest point is certainly advisable, but it is recommended to first prioritise paying off any debts you may have amassed.
This will ensure you are not wasting hundreds or thousands of euros every year on interest – money that could be put to far better use in your savings account.
Tip No. 4: Fail to prepare, prepare to fail
Another vital step in future financial planning is setting aside an emergency fund to act as a buffer during times of financial strain.
With experts suggesting this fund should be worth three to six months’ earnings, it may take some time to build up, but having it in your arsenal will provide great peace of mind.
Tip No. 5: Figure out how to maximise your savings
From a financial perspective, it’s difficult to get to where you want to be without a little help along the way, and this is where tax relief comes in.
Paying pension contributions will get you more bang for your buck, as your earnings will be subject to income tax relief, the amount of which is dependent on your age and how much you make.
Tip No. 6: Invest wisely
Making shrewd investments is another way to maximise your savings pot, provided you have additional funds to facilitate this.
With the right professional guidance, you can confidently partake in a variety of saving and investment schemes that will see your earnings gradually build up in a tax-efficient way.
Tip No. 7: Seek professional financial planning advice
The importance of getting expert, professional guidance when planning your financial future cannot be emphasised enough. From selecting the right investment opportunities and taking advantage of tax relief opportunities, to reviewing your plan regularly to allow for any change in circumstances, a financial advisor will guide you through the planning process with your best interests in mind.
Symmetry Financial Management can provide you with expert financial planning advice
If you’re starting on your financial planning journey, you’ve come to the right place. Symmetry Financial Management’s team of expert advisors are here to help you assess your financial goals and put a plan in place to achieve them.
Contact us today to get the conversation going, and check out our second March blog instalment here where we delve further into the world of financial planning.
Don’t forget to also head over to our blog and resources section for the latest financial news and advice!
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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