Understanding what your financial goals are is key to establishing your financial plan and sticking to it. It’s not as simple as ‘more money’, a clearer goal is needed to ensure that you have a reason to stick to a long term plan.

We all know that it is important to budget but sometimes budgeting can be like dieting, you start out with good intentions but it can easily fall by the wayside. Understanding what is important to you and what your priorities are in both the short and long term will help you develop a budget that truly works for you.

Gone are the days when at retirement you received a lump sum and a regular income and no choices were needed. Now, you will have a number of options to choose from and understanding what the pros and cons of these are before you make a decision is vital to ensure that you meet your goals in retirement. Do you want absolute security of income? Will you want flexibility in how much you take to allow for changing plans? Do you want to leave money behind for loved ones? These are key questions that you need to be able to confidently answer.

Your salary may not be your only benefit. Workplace pensions, death in service, sick pay and share option schemes all offer additional compensation for your work. If you fully understand what your current package offers you, you can maximise your benefits and ensure that you are not doubling up on cover. For example, if your work offers additional sick pay cover, you may not need to pay for income protection.

It takes time to build your finances and achieve your financial goals. To hold it all together and ensure that the steps  you are taking are aligned to your goals, a clear and actionable financial plan is essential. This will be developed through the coaching sessions.

Most of us have workplace pensions as a legal entitlement but how many people really understand what these can do for us, how they are invested and if we should be doing anything with them when we change employment? Understanding how to maximise your pension benefits, how best to invest for your future and what options your pension has will give you confidence that you have a plan for retirement and are in control of what that looks like.

There are many types of insurance that will fit into your financial plan. Life insurance, Critical Illness, Income Protection, Family Benefit, Private Medical Insurance. They all provide cover for when bad things happen but not everyone needs or can afford all of them. Your work benefits may provide some cover. You may need to prioritise types of insurance to align with your budget and goals. Fincoco sessions can help you understand what each type of insurance offers so that you can make informed decisions on what you and your family need.

Want to see what following your financial plan could look like over 5 /10 /20 years? Cash flow planning will demonstrate how following your plan will look over the long term. We can work through various scenarios and changes to see how these impact your financial future. This valuable picture can give you the drive to stick with the plan over the long term and gain success in your financial plan.