With the Autumn Budget closing in, we are starting to see several rumours and different speculations in mainstream news, all with a slight variation of what may be proposed by the Labour Government this month.
As with everything you may be hearing and seeing, it is perfectly normal to feel a little uncertain and be asking yourself the question, “Should I be doing something right now to brace for the financial impact?”.
At Acumen Financial Planning, we work hard to help give clients reassurance, providing them with the tools to focus on areas they can control so they feel confident knowing their financial plans will remain on track through budget announcements, market volatility, and a myriad of other possibilities.
With this in mind, in this article, we will look at four areas of your financial life that you can consider and take control of, without second-guessing or pre-empting currently unknown regulatory changes.
Track your Income and Expenditure
By keeping track of what money is coming in and out of your household, you can get a clearer picture of where you are month to month. This can be useful should there be any changes which could affect your income tax position. It can also help you budget for any potential increase to regular outgoings, such as mortgage payment fluctuations or higher energy bills as we move into the colder months.
Manage your Cash Savings
Keep an eye on your cash savings and make sure they are working hard for you. Savings account providers continue to offer attractive incentives to switch over and make use of their products. Therefore, it is well worth looking around and seeing if there is a bank or building society that can offer you better benefits, whether this be better interest rates on your savings or added perks and benefits on your current accounts.
Consider your Investments and Pensions
Have a look at any investments and pensions you have right now and consider if your investment strategy still aligns with your financial goals and situation. For example, there could be an opportunity for you to be taking a little less risk, or perhaps even a little more. It is also worth checking to make sure your current contribution level remains affordable for you, as, with daily living costs increasing steadily, it’s common to be feeling some financial strain.
Stay on your Financial Path
This is arguably the most important piece of advice we give to clients, no matter where they are on their financial journey. It is easy to start comparing your financial situation to others and feel like you aren’t doing the right thing. However, by sticking to a robust financial plan that meets your unique needs, even during periods of uncertainty, your personal goals and objectives can still be achieved.
There will always be another budget round the corner, some with small changes and some that will affect us more than we’d realised. However, by working with experts in financial planning and modelling, and being confident in the areas you can control, you can remain on track, avoid speculating, and cancel out the noise.
Written by Andrew Neill, Financial Planner
Acumen Financial Planning Ltd is authorised and regulated by the FCA, FRN 218745. The content within this article is for information purposes only and should not be regarded as advice.