Ask the Expert

Taking Control of My Finances

“My 2022 New Years’ Resolution is to get back in control of my finances. I am not struggling financially; however, I’m not sure what I should be doing with my money to make the most of it. Are you able to help?”

Carl responds:

Taking control of your finances is a great resolution as you are more likely to achieve your financial goals, and you’ll be more prepared for the unexpected.

The first step to taking control of your finances is to understand your current financial situation. What are your assets? What debts do you have (if any)? Has your financial situation changed in any significant way recently? Depending on your financial circumstances, it may be a good idea to put together a proper financial plan. This will allow you to identify your goals and where you want to be at different stages in your life.

I would recommend speaking to an Independent Financial Adviser to help you put together a financial plan. Together, you will need to consider all factors that affect your wealth – age, health, employment, etc. It is worth considering your long-term goals, such as saving for your children’s education or retirement, as well as thinking about your short-term goals, such as buying a new car, going on holiday, or renovating your house.

When looking into your finances, an Independent Financial Adviser will be able to advise you on structuring your finances in the most tax-efficient way. This may include making the most of your personal allowances for Income Tax, Capital Gains Tax, Dividend income, and contributions into ISAs, pensions, and other savings accounts.

Once you have put together your financial plan, you will need to review and adjust your plan on a regular basis. This ensures that no changes are needed to keep you on track to reach your goals. Your financial adviser will help you decide what level of review and management is right for you and your financial circumstances.

Any opinions expressed in this article do not constitute advice. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.