It’s easy to understand why many people are focusing only on getting through today, financially.
But we should all put some thought into how we are going to afford our futures.
Whatever your age or current financial priorities, it’s never too soon or too late to think about your future.
Here I cover some of the areas I often get asked about that might help you tick off your bucket list goals without worrying about whether you can afford it.
When is the right time to start?
No time like the present! Commit to looking at your future today and congratulate yourself on having made that start. By doing so, you’re already further ahead than you were yesterday.
How much will I need?
Everyone has a different idea of how they want their future to look. It’s not so much a case of “how much will I need” but “what sort of lifestyle do I want?”
A few years of extensive travelling will have a different cost to a quiet life at home with the dogs.
Spend some time thinking about what you want and work out a rough figure of how much that would cost if you were to do it now.
This gives you a starting point, and a good financial advisor will be able to help you work out how much you will need to put away to fund this.
Do I NEED a financial advisor?
Not necessarily, but if you are looking at pensions in particular, they can be complex and there are definitely things to think about before making big decisions.
We have a wealth of good advisors in our region who will be happy to help. Or if you want to look at things yourself, consider online services such as pensionwise.gov.uk or moneyadviceservice.org.uk.
I can’t afford to put money into a pension - am I doomed?
Every little helps, and the earlier you make a start, the longer it has to build and grow. If you wait until you think you can afford to do it, there’s a good chance you will never get around to it.
Look into any work-based pension scheme that takes the money straight out of your salary before you get it - what you’ve never seen you won’t miss!
Aside from a formal pension fund, you can still have a “Future Fund” of your own savings or investment.
Set up a standing order straight from your bank account on the day you get paid, straight into the “Future Fund” pot and treat it like any other essential bill.
Little and often will build up over time. Doing nothing will mean you don’t have anything like the life you desire.
For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.
YOUR MONEY MATTERS
Each week the EDP brings you tips and advice to help combat the cost of living crisis...
TIP OF THE WEEK
A new social supermarket has opened in Norwich to provide cheap household essentials, including fresh and frozen produce.
Located at the Russell Street community centre, in the Heigham Street area, the discounted shopping centre is being run by the ENYP (Equipping and Nurturing Young People) charity and is open Monday from 4-6pm, Wednesday from 11am-1pm and Friday from 9-11am.
BARGAIN OF THE WEEK
Restaurant chain Frankie & Benny’s is offering free meals to children during the school holidays to help families tackle the cost of living crisis.
As part of its No Child Goes Hungry campaign, free meals for under-11s are available to those who call their nearest restaurant between 11am and midday. Collection from takeaway pick-up points can be made between midday and 6pm until August 31.
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