We’d all like to lay claim to being good with managing our finances; some of us may even convince ourselves that we are. But in reality, is ‘good’ good enough?
Most of us know the steps we should be taking steps to be more financially responsible. Steps such as paying into a pension. Saving into an ISA each year. Making regular overpayments on our mortgage.
The problem is, there always seems to be something to pay for in the here and now…
After all, taxes are rising. The cost of living is increasing at a pace. Take home pay in real terms is decreasing.
Here are a few facts & figures…
- The lifetime cost of having a child is typically £218,000.
- For the average family with two children, this cost can double.
- Low-interest rates have decimated interest income from savings.
- Students are having to pay a minimum of £27,000 for university tuition fees and parents often need to contribute up to £30,000 to university living costs.
- Average first-time buyers must find £30,000 – with 78% needing help from their parents.
- People are living longer, yet state pension provisions are getting worse.
It doesn’t paint a very positive picture, does it? No matter how good you may think you are with your personal and family finances, you are going to feel the squeeze over the coming years.
There’s only one way to try and prevent falling into the financial doldrums and that is to take control. Control of your current expenditure. Control of your future financial planning.
Taking financial control may involve making changes and there may even be certain sacrifices you have to make. But what’s the alternative? Rely on the older generation for an inheritance, meaning your parents can’t fully enjoy their own retirement? Have to work well into your 60s (or even 70s) to build yourself a half-decent retirement fund? Or be rendered unable to provide your family with all of the help and support you want to?
The irrefutable fact of the matter is there is only one person who can pave the way to future financial security for you and your family. And that’s you. And you need to act now.
Free consultation: Personal Balance Sheet and Profit & Loss
For help getting your finances on track, contact a Director at Stafford & Co. We’re not just accountants, we can work with you to put together a structured personal balance sheet and profit & loss to help ensure you are managing your lifetime finances & fully prepared for those all-important life events – big and small.