5 steps to finding balance
A 5-step plan to finding balance: Feel more confident about life, family and money
The biggest financial challenge facing many people today isn't a lack of options. It's balancing competing priorities. Progress starts with understanding where you are today and taking the next step. Charlotte Ransom, CEO, Netwealth
Step 1: Know what you have
A clear picture of today makes tomorrow's decisions easier.
Take stock of:
✓ Savings and investments
✓ Pensions
✓ Property and mortgages
✓ Debts and commitments
✓ Income and spending
Step 2: Know what you need now
Financial planning isn't just about the future. Your money needs to support the life you're living today.
Consider:
✓ Essential spending
✓ Emergency savings
✓ Family responsibilities
✓ Lifestyle priorities
✓ Financial resilience
Step 3: Decide what you want from the future
Rather than asking:
"How big should my pension be?"
Ask:
"What kind of life do I want my money to support?"
Think about:
✓ Future lifestyle and flexibility
✓ Experiences that matter to you
✓ Support for family
✓ When you'd like more choice over work
TOP TIP: As a broad starting point, many people target a retirement income of around 50% of their net salary, although everyone's circumstances are different.
Step 4: Stress-test your plans
Life changes, but good plans adapt.
What if?
✓ Inflation stays higher for longer
✓ You need to support family members
✓ Your health changes
✓ You retire earlier than planned
✓ You live longer than expected
Step 5: Don't put it off
The biggest risk is often not making the wrong decision. It's making no decision at all.
Many people delay because they:
✓ Don't know where to start
✓ Worry about getting it wrong
✓ Feel overwhelmed
✓ Simply get busy
Start today
Can you answer YES to these five questions?
- Do I have a clear overall picture?
- Do I know what I need today?
- Am I clear on what I need in the future?
- Have I stress-tested my plans?
- Am I ready to take the next step?
If you'd like help making sense of where you are today and what your next step could be, we're here to help.
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When investing, capital is at risk. This article is for informational purposes only and does not constitute personal financial advice.