I have written before how life seems to speed up the older we are, and I believe planning is crucial to make the most of life, trying to get out as much as possible. It feels as though it was Christmas only yesterday and now it’s nearly Easter.
I am someone who struggles to plan what I will have for dinner tonight let alone for the rest of the week, but I am not talking about planning little insignificant moments and every detail of your life. I am talking about the big things that you want to do in life. Hannah and I are planning to take the kids on a mini tour of Italy in the summer of 2025. For us planning the big holidays means we are ticking off all the places where we enjoy visiting and ensuring we spend quality time with the kids.
The other day I was speaking to a couple about planning and how they are on course for their retirement, as they felt reassured by this, our conversation turned to their son. The thinking is how to provide for him in the future….whether this is for house deposit, university fees or something else. We are ticking off goals as they are met and as they go through life. When you plan it is important to find the right balance…. saving every penny for retirement is not going to be the right course just like spending everything you have on holidays. There should always be a balance and unless you have an endless pot of money a compromise must be found.
I would encourage everyone to write down a few big tickets items they want to do or see. By ticking them off and replacing them with new ones will ensure when life does go by in the blink of an eye you can look back on all the things you have done. Financial Planning can help to clarify where you are and how to get to where you want to be…. providing that clarity to ensure you can afford those big-ticket things.
It would be wrong of me not to comment on the Budget. However, as you know, I never like to repeat the news and I am sure you will be inundated with budget headlines. The ‘British ISA’ looks an interesting idea and further plans will be announced after the government’s consultation. The cut in employee National Insurance will be the headline but to me this shows how quickly government policy can change. It was only in 2021 when it was announced that National Insurance would increase and be ring fenced to pay for NHS and Social Care.…. are the government looking to abolish NI altogether? However, the one announcement that stood out for me was Increasing the High-Income Child Benefit Charge threshold from £50,000 to £60,000. In my previous blog and I written about how crazy this tax is, so it is positive news and a step in the right direction and should help the ‘squeezed middle.’
