The cost-of-living crisis looks set to continue into the winter, putting more pressure on households during an already expensive time of the year. How can savvy financial planning help you stay in control in uncertain times?
Let’s speak plainly, financially this year has been a tough one for many households. Interest rates are rising, inflation has soared to almost a 40 year high and energy bills are through the roof. We have seen these coupled with volatile investment markets, adding extra stress to those looking to plan ahead, financially speaking.
You may think that seeking out the services of a financial planner may be pointless in such conditions; however, it is in moments like this that professional, independent advisers can really add value.
Let us not forget the whole purpose of financial planning is to help you manage your finances in the best way possible to reach, if not exceed your life goals. Many believe it is only worth speaking to a professional adviser at specific life events or when there is a specific goal in mind, such as inheritance, retirement, divorce or when you come into a large amount of money. Although it is part of our role to assist in these moments, a professional independent financial adviser can assist you with many more money related issues.
The current cost-of-living crisis is posing the biggest threat to our finances that many of us have seen in our
lifetimes. It is true, some are suffering more than others, but the impact of the growing dismal financial sentiment is widespread.
You may have already put a plan in place to help you reach your financial goals, whether that be contribution to pensions or investments, general budgeting, life insurance and savings. During economic storms, like we are experiencing now, these plans can easily fall away as people’s priorities change. Some may need to divert some of their pension contributions elsewhere in the short term for example. Some people will also be crippled by the fear of the unknown, unable to make clear financial decisions over fear of what economic nightmares may lie ahead.
A financial planner will be able to work with you during these turbulent times to amend your financial plans to suit the new economic environment and help you keep as close to “on track” as possible. Your financial adviser should be there for you to act as a sounding board and be there to help alleviate your fears and provide you with information as to how the rise in inflation and interest rates can impact your long-term goals.
Taylor Financial Management are here for our clients not just during the good times, we are here during all economic conditions and can help you with all aspects of financial management, including complex issues. Remember, it is during economic uncertainty where we can provide real value. If you are worried about your financial position, please get in touch. Talking things through, even if it is difficult, is the first step to feeling positive about your financial future.
Remember the worst-case scenario may not be as bad as you think. Talking things through with an independent financial adviser can be the first step towards financial reassurance. We are here to support you during the cost-of-living crisis.
Email: hello@taylorwealth.co.uk
Tel: 01245 520 001
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