What a year 2021 has turned out to be! I think it’s fair to say that most of us thought that this past year would look somewhat different. What with the vaccine roll-out, passing of the Duke of Edinburgh, climate change summit, spike in gas and electricity prices, self-driving bus trials to name but a few, it has been a roller coaster ride for many of us. We have been through a lot, physically, emotionally and economically. Whilst I cannot offer you any advice on your personal well-being I can certainly give you some pointers to enable you to start 2022 in the same vein as you mean to go on with your finances.
January – Start to the year, take stock of your finances, out-goings and income and start planning from there. Make sure your self-assesment is completed by the 31st!
February – Time to begin tracking your budget. Decide on your goals, is it saving for holiday or new car? How do you achieve this – ISA, savings account,
March - If you haven’t already, utilise your annual ISA allowance, currently £20,000 per person per year. Deadline is 5th April.
April – Check your existing investments – does anything need to be re-balanced, topped-up or switched?
May – Revisit your budget – are you still on track? Identify any shortfalls.
June – Make sure you know what is going with your pensions. Do the underlying investments still reflect your attitude to risk? Is the performance adequate?
July – Relax a little, let your Independent Financial Adviser take care of your mid-year situation and discuss any concerns and plans.
August – Time to catch up with your emergency savings to ensure any unexpected bills or outgoings can be met without affecting your current lifestyle.
September – Review your plans, third quarter is the perfect time to take stock of what has gone according to plan, what has not, as well as what has exceeded expectations.
October – Depending on what you set out to achieve you should be in a good position to reap the benefits of good financial education – your adviser should ensure you understand all your financial arrangements.
November – Consider your inheritance tax position – have you made the use of all your allowances and gifting options?
December – Hopefully you will be well positioned to enjoy your festive break and will be reading my articles this time next year!
Here is to 2022 – may it be prosperous, healthy and joyous one. A year truly worthy of celebration.
Silvia Johnson BSc(Hons) DipPFS EFA CertCII (MP) is a Director & Independent Financial
Adviser at Royale Thames Wealth Ltd.
020 8720 7249 / 07908 109 741
Royale Thames Wealth Ltd is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by Financial Conduct
Authority number 460421.
The value of your investment may go up as well as down and the value is not guaranteed. Past performance is not a guarantee of future performance.
Wills and Estate Planning are not regulated by the FCA.