3 practical ways your financial planner can help reduce your money worries

How often do you lose sleep over money worries?

It’s not an uncommon occurrence. In a survey, the Mental Health Foundation found that 32% of adults in the UK had felt anxious about being able to pay the bills in the preceding two weeks, and 20% of adults had felt anxious about debt in the same time period.

If you find yourself worrying about money, the good news is that there are simple ways to help put your mind at ease. Read on to learn more about how working with a financial planner like me could reduce your stress and boost your financial confidence.

1. I’ll help you map out how your finances might change throughout your lifetime using cashflow forecasting software

All sorts of events can affect your financial wellbeing throughout your life; many of these may be predictable, like retirement, while others may not, such as a serious illness or divorce.

This is where cashflow forecasting can come in very handy.

Cashflow forecasting software is a tool that I can use to help you visualise how your net worth and income needs may change over time. I will enter data about your current income, assets, liabilities, and expenses, as well as key dates like your retirement date and your anticipated income needs in retirement. I’ll then make educated assumptions about inflation and investment returns to generate an illustration of your finances.

The resulting graph can help you prepare for a range of different life events, including:

• Career breaks
• Retirement
• Later-life care.

If it looks as though you might experience a shortfall in income because of any of these events, I can help you to take steps now to help ensure this doesn’t happen.

A cashflow forecast can help you breathe a sigh of relief as you realise that it is within your power to build financial security throughout your lifetime.

2. I can help you to protect your income in case you’re unable to work temporarily

Understanding how you and your family would cope financially if you were unable to earn an income temporarily can be one of life’s most stressful financial quandaries.

Let’s say you fall ill and need to undergo medical treatment, or perhaps an injury keeps you from being able to work. Without any plans in place, you might quickly use up your savings paying your bills or for private medical treatment. Moreover, you may be unable to contribute to your pension during this time, which might jeopardise your ability to achieve your long-term goals in your desired time frame.

Fortunately, these worries are something that your financial planner can help you address, relieving the burden of worry and providing peace of mind for your whole family. Financial protection can provide a financial safety net if you find yourself unable to earn an income for the reasons outlined above.

For example, income protection can give you a regular income to replace the majority of your income, helping to cover your day-to-day expenses. Critical illness cover can provide a lump sum payout to help you cover the cost of medical treatment, home adaptations, or anything else you need to pay for during this time. What’s more, life insurance can offer your family a payout if you were to pass away so that they could cope financially.

I can help you put together a package of protection that is precisely suited to your and your family’s needs.

3. I’ll be your trusted partner providing sound advice through life’s ups and downs

Sometimes, a major life event can happen entirely out of the blue, turning your world upside down. Maybe you’re made redundant or lose a loved one.

At times like this, the emotions you experience can make it tough to handle your finances and know what the most sensible course of action might be. I can help you to make sense of the situation, consider your options carefully, and ultimately choose the next steps that feel right for you.

Similarly, during life’s most joyful moments, like the birth of a child or grandchild, you might want to provide funds as support or put money aside for later. Financial planning can help you do so with confidence, so you can make the most of the “ups” as well as handle the “downs”.

Sometimes, these personal touches and the peace of mind that accompany them are the most valuable aspects of working with a financial planner.

Get in touch

I can help you to put your money worries to rest so that you can feel more confident about your financial future. Email marnel.stafford@fosterdenovo.com or call 07305 970959 or 0207 469 2800 to find out more about how I can help you.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

The Financial Conduct Authority does not regulate cashflow planning.

Foster Denovo Limited is registered in England and Wales Reg No. 05970987. Registered office: Ruxley House, 2 Hamm Moor Lane, Addlestone, Surrey, KT15 2SA. Foster Denovo Limited is authorised and regulated by the Financial Conduct Authority. FCA Reg No. 462728. You can check this by visiting the Financial Services Register on the Financial Conduct Authority’s website: http://www.fca.org.uk/. The Financial Conduct Authority does not regulate taxation and trust advice and some aspects of buy-to-let mortgages. Some of the fees we charge may be subject to VAT, but we’ll let you know in advance if this is applicable. VAT No. 904 450 842. The guidance and/or advice is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.