financial planning

February Financial Planning: The Good Advice for the Year



Posted on: 28th February 2023

Just because January has come and gone and you have not managed to get your financial affairs in order does not mean that everything is falling behind. February is the best time to start your financial planning as January is as much about paying off your taxes and other areas. February is the positive year ahead stage where everyone starts to focus on the year ahead, re-evaluating their financial goals based on the success and hardship of the previous year.

In February, independent financial advisers Cheshire see a spike in new enquiries due to this positive outlook for the year ahead, and the need for structured financial advice to help them meet their goals.

Here are some of the positive steps that a financial adviser can help you put into action for the rest of the year.

Clearly Defining Your Financial Goals

The first big question a financial adviser is going to ask you is centred around your goals when it comes to your finances.

Your ideas may be on having a specific amount of money in your bank account by a certain time, the capacity to live on interest after a certain period or full repayment of a debt over a specific timeframe in the year. No matter what, the need for building a concrete objective for your finances will provide a positive gauge of your financial health. Even with some semblance of a goal, an independent financial adviser Manchester will help you to clearly define those goals for the best chance of success at them.

Budget in Advance

Without a budget, your monthly income is at risk of mismanagement. This is why it is important to know how much you spend monthly on everything you need such as utilities, rent and so forth.

Where possible, assign a percentage towards savings so that what is left over after necessities can be spent on yourself. If things are a little too tight, you gain a better understanding of what areas you can cut back on for a bit more financial fluidity.

Become More Financially Aware

When you work with a financial adviser, you gain a better understanding of your finances with a financial plan, budget and advice on how to better alternatives open to you that can save money.

A financial adviser is there to provide insight so that you have a better stepping-off point towards more diverse financial strategies such as investments. This helps you to make more informed decisions that take away a lot of risk from the financial minefield of how your money will perform. It is best to get educated advice before jumping on what seems like a surefire financial opportunity.

Contact the team at Haven IFA today to start your February financial planning for the year ahead.