It’s hard to believe the lockdown started almost 9 weeks ago, because life has changed so much in a short space of time.
Old patterns have been disrupted and we’ve had the time to reconsider what’s really important.
This means you might want to change how you spend your time in the future. For example, being with family might now be more of a priority, which might affect your career or retirement plans.
Also, with holidays deferred and cafes, bars and restaurants closed, we’re mostly spending our money on the monthly necessities these days rather than the ‘extras’. As a result, now more than ever, we understand what constitutes our basic standard of living (what we need to get by comfortably) and importantly, how much it costs each month.
This is a useful reference point when it comes to financial planning, especially if you’re thinking about re-assessing or even changing your plans.
So we’d encourage you to share these thoughts and ideas with us so that we can start to adapt your financial plan accordingly.
Here are some other things to consider:
- Reassessing your pension provision – are you still on track to retire when you want or can you perhaps consider stopping work earlier than intended?
- Career change – can you afford to re-train so that you can do what you really want, and how much do you need to earn to keep things on track in the future?
- Financial protection – is it time to review this to make sure your family is fully covered if something were to happen?
- Wills, power of attorney and expression of wish – is it time to review these, or put them in place?
Remember, your money is important, but it’s what it does for you that counts.