Take a close look at your income sources, such as pensions, salary, savings, and any investments. Compare this to your current and expected expenses to ensure you’re living within your means.
By looking at your previous year’s incoming and outgoing, you can see where adjustments can be made. If you have a partner, it might be worth sharing details from any personal accounts alongside joint accounts, so you can be fully aware of any shortfalls in each other’s finances.
It’s also a good time to review any potential increases in bills or fees, which are normally communicated in advance. Looking at your current suppliers and comparing them against others on websites such as MoneySavingExpert.com, will ensure that you’re getting the best possible prices.
There are also many discounts and benefits that become available when you reach a certain age. Reduced rates are available on public transport, and car insurance should get cheaper as you pass 50. Considering how you travel, and how frequently, can be a useful method of saving money.
Small savings in daily life can add up over time, leaving more room in your budget for the things you love.
Plenty of banks offer free consultation with a financial planner, as does the Citizen’s Advice Bureau. There are also a number of online tools, from websites such as MoneyHelper.org.uk, which can help plan your finances and give advice. You may be comfortable with making your own financial plans, but consulting an expert gives you an objective outlook and options you may not have considered.
Our friendly team is here to answer your questions and guide you through this straightforward process.
The key to staying organised is regular time spent reviewing and adjusting where needed. This also gives you an opportunity to check if there are cheaper suppliers, better deals, and offers to make use of.
Set yourself a reminder once a month to check your plans are still working, what adjustments are needed and how you’re measuring up against your targets.
Creating a spreadsheet or using a notepad will help to keep track of your outgoings and incomings, and to plan the month ahead. This also means you can make small changes throughout the year where needed and tot up subtotals every quarter.
If you’re using a credit card each month, with the intention to use any benefits such as cashback, it’s worth setting your reminder a few days before your payment date to ensure it isn’t missed.
Financial planning is not just about being cautious; it’s also about making your dreams a reality. Whether it’s travelling the world, learning a new skill, or simply spending quality time with loved ones, your financial plan should empower you to live the life you’ve envisioned.
It enables you to save a little each month, with being safe in the knowledge any lifestyle changes are focused towards a holiday, new car, or other significant purchase.
This would also be a good opportunity to look into our funeral plans. A pure cremation can save you up to £2,000 compared to a traditional funeral*, allowing you to further boost your savings.
At Pure Cremation, we understand the importance of planning for all stages of life. If you’d like to learn more about our services or how we can support you, don’t hesitate to get in touch.
If you’re planning your finances and want to know how much a funeral could cost, we have an article about affordable one could be.
* A pure cremation does not include a ceremony at the crematorium (there is no hearse limousine, of flowers and no celebrant or attendees at the crematorium) and so costs over £2,000 less than a traditional funeral which would include these as a traditional funeral costs an average of £4,141 according to the sun life cost of dying report 2024.