How to keep financial control during the cost-of-living crisis
11th October
Financially speaking, this year has been difficult for households across a range of income brackets. The cost of living has risen exponentially as inflation has soared, energy bills have sky-rocketed and interest rates continue to rise. Meanwhile, investment markets have been choppy, causing additional stress for those planning their financial future.
It’s during hard times like this that the value of financial advice really shines through. Stephen Palmer of Cranwell Wealth Solutions explains how seeking advice can help you successfully navigate an economic storm.
What does a financial adviser do?
The purpose of financial planning is to help you manage your income and assets in the best way, so you can achieve your life goals. You may think that it’s only worth talking to us if you have a specific goal in mind, such as early retirement, or after a big financial event, such as receiving an inheritance. Although that’s part of the role, we can also help you tackle a whole range of money-related issues. The ultimate goal is for you to reach a place of financial wellbeing, where you make the most of your money on a day-to-day basis, make smart use of debt, investments, tax reliefs and financial products, and are financially capable of dealing with the unexpected.
The current cost-of-living crisis presents a huge threat to many people and their prospects of achieving these aims. Although some are more insulated than others, the impact of high inflation, energy bills, interest-rate rises and other economic challenges have become widespread.
Talking about how difficult things are, or how worried you are, is the first step to feeling better about it. We can help you with the most mundane and the most complex aspects of money management.
Why financial planning is important
You probably have structures and routines in place to help you reach your goals such as budgeting, savings plans, monthly contributions to pensions or investments, and insurance or income-protection policies. The challenge in the current environment is that some of these plans fall apart. This can be because people’s incomes are so stretched, they cannot keep up with commitments such as pension contributions or savings, or because people actively stop working towards their goals out of fear of what’s ahead. It’s a mindset of battening down the hatches.
We create specific, actionable plans to help people reach their aims, based on realistic calculations of how much they’ll need. These can be tweaked and fine-tuned so that people who may feel they cannot afford to keep up their financial commitments, are able to do so.
Managing financial worries
As well as being a sounding board for your financial concerns and creating action plans for getting ahead, we can accurately assess how you as an individual may be affected by the current environment and provide a range of forecasts tailored to your circumstances.
These should offer reassurance because your worst-case scenario may not have the terrible effect you fear. Whatever the situation rest assured there will be a financial solution, and we’ll make sure you find it.
Contact us now for support and advice.
01435 866 101
