Planning savings and investment

Look at your financial situation in some detail

It is very important to look at your financial situation in some detail so that you understand your needs and understand what you can and cannot afford.

When you see a financial adviser, the first thing they will do is carry out something called a "Fact Find". The financial adviser will ask a lot of questions about your financial and personal circumstances so that they understand your needs more clearly.

You will be in a much better position if you are able to do some preparation before you see the financial adviser - such preparation will give you a much better understanding of the financial planning process. It is possible that when you look at your financial situation you may feel more committed to planning for the future.

Commit yourself to a financial plan

Many people find it difficult to commit themselves to a financial plan and this is often because of:

The art of the planning process

The art of the planning process is to clarify potential shortfalls in your existing financial situation, to look at ways to get to where you would like to be in the future and to understand whether those plans are practical given all the circumstances.

When you see your financial adviser, he/she will provide general advice and guidance on prioritising and balancing the proposed plan or plans i.e. spread of investment types, getting the timing right, major expenditure, ongoing savings and establishing an emergency fund. Once general plans have been laid, specific actions can then be taken to select the right products and providers.