With Halloween approaching, getting to grips with your future finances can feel like a frightening experience. But no matter how scary budgeting can be, it’s important to get on top of your savings to avoid a financial nightmare later, as the consequences can be grave.
Peter Bradshaw, Director for Selectapension, shares his tips for overcoming finance planning fear;
Don’t fear the money monster
Too often, people are put off financial planning by the swamp of jargon. Before you look at products, get a headlock on the basics. Start by working out what your typical monthly expenditure is and how much you can afford to save each month.
Keep the cauldron bubbling
All too often people fail to realise the true cost of retirement, particularly as state pension only pays out under £18 a day! A spell of topping up your pension pot and increasing how much you pay as your career progresses is the best recipe for a bigger ‘nest egg’ for retirement.
Dust off the spider’s webs
Why let your savings gather dusty cobwebs? Make sure to regularly check up on how your investments and savings are performing over time and make changes when necessary. This will guarantee you are maximising your savings potential for the future and avoid the curse of destitution.
Tools are your friend, not your foe
There are many helpful planning tools available, one great example is Pensions Monster which offers you free tailored guidance. It makes you aware of how much you will retire on, based on your current pension contributions and gives you some straightforward options to avoid despair.
Avoid fright night with helpful advice
Don’t torture yourself, be brave and talk about your finances with a qualified adviser. Transparent conversations will help clarify any niggling doubts about your finances and help you get the best returns.