January 14, 2020

Are you going to stick with your new year’s resolutions?


With the start of 2020, I have been asked on a number of occasions what my new year’s resolutions are going to be.

My answer is that this year I am going to do my fair share of the weekly ironing. Not particularly dynamic, (and not actually my idea!) but it’s something that feels realistic and achievable. (It was actually ‘suggested’ by someone close to me during those long days spent with family, between Christmas and Hogmanay!)

A Yougov poll carried out at the end of 2019 found that about 27% of the UK population will join me in making new year’s resolutions, but only 24% of those who do so will keep them.

The most popular resolutions in this survey are health related

The top three being to do more exercise, lose more weight and eat a healthier diet.

However, the next most popular commitment is to save more. Taking-up a new hobby and spending more time with the family also feature highly on the list.

Making your time more valuable

One of the major benefits of having a personalised, financial plan with Sutherland Independent using our cashflow modelling service, is that you establish what, and when, you are saving for.

Planning for retirement is a common savings objective that we discuss with clients regularly or, to put another way, giving people more time. Time to do the sort of things they really want while they are able to make the most of it. For example, taking-up that new hobby or spending more time with children and grandchildren.

By really understanding the sort of things you enjoy doing, what lifestyle you want to have and when the starting point for this process should be, we can then start to work back to establish where you currently are in terms of working towards these objectives.

Perhaps you are fortunate enough to be on track

That means there’s one less thing on the list for 2020 – in which case, why not consider your options? For example, perhaps you can stop working earlier than you thought, but with enough resources to enjoy life without ever running out of money?

Just think of all the things you could do with your new-found freedom.

Another option might be considering whether or not you need to continue assuming the same level of investment risk with your pensions and investments. It might be that you can take less risk to achieve the same objectives.

If you aren’t on track and maybe a bit behind the curve surely it is better to know sooner rather than later, so you can work out what you need to do, to get back up to speed? This can all be made possible by introducing an entirely different perspective to your financial plans – cashflow modelling.

So how about achieving some peace of mind and confidence in your financial future as you kick-off a new decade?

It is a lot easier than you might think.

To take the first step get things started, get in touch with Sutherland Independent today.

January 14, 2020