Firstly, you have got one very big life stage expense out of the way – weddings can cost a lot of money and can take years to plan and save for.
If you successfully did that together, then planning for a financially secure future together should be easy right? Not always.
With money one of the most common causes of stress and strain in marriages, getting guidance and advice early can really help.
A lot of strain is caused by uncertainty – is this their money, or my money or our money?
Talking over what is important to you both now and in the future (so you are both on the same page) and having an agreed strategic plan in place with a Financial Adviser, can make managing your finances together less painful and more productive.
In real terms, if you are both earning, two incomes can have many benefits when it comes to saving, budgeting and planning for the financial future you both want. There are also some tax-efficient allowances that married couples can benefit from – if you know about them!
A priority at this stage is to ensure that both of your hard-earned incomes and each other are protected, both now and in the future. For example, to ensure you afford your current standard of living and bills if one of you suddenly took ill or was made redundant.
A Financial Adviser can help you think and plan for questions like:
What is the next big thing we want or need to save for?
Are both our pension pots in a good place for our current age and stage on the career ladder?
If we want children, what will that do to our current finances if suddenly two incomes, become one for longer than predicted?
Mortgage
Are you looking to make the next step on the property ladder and upsize, perhaps to accommodate a family one day? Would you like to start or build on a buy-to-let portfolio?
Your home or other property may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Find out moreLife Cover
If one of you were to die, would the other be protected and able to manage any liabilities you would leave behind. Would you like to leave a legacy for your partner/spouse/children.
Find out moreRegular Savings
Between you, do you have a healthy disposable income? Have you been putting any of it away for a rainy day and are you doing this in the most tax-efficient way? Are you aware of all the tax-efficient allowances that you could be taking advantage of?
Find out moreIncome Protection
If one of you suddenly were unable to work due to an accident or long-term illness – could the other spouse afford to pay all the bills?
Find out moreCritical Illness
Would you be forced to sell your home together if you got the sad and unfortunate news that one of you had a critical illness?
Find out moreInvestments
Have you got a sizable savings pot already? Have you invested that in a tax efficient way? Are you better off saving separately or jointly?
The value of an investment with St. James’s Place may fall as well as rise. You may get back less than the amount invested.
Find out morePensions
Are you both heading for a comfortable retirement or is one person’s pot looking healthier than the others? Do you both have enough for the retirement you hope for or is one person going to have to subsidise the other? Do you both know where all your pension pots are and if they are being managed effectively?
Find out moreTAKE OUR QUESTIONNAIRE
& UNDERSTAND WHERE YOU ARE ON YOUR JOURNEY TO FINANCIAL WELLBEING
WHAT’S IN IT FOR YOU?
Financial Wellbeing is within reach – with the right knowledge you can build a plan, tailored to your individual circumstances. Understanding what plans you already have in place plus identifying any gaps that need attention, can help set a course for making progress towards reaching your financial goals, aspirations and dreams amidst uncertain times.
WHAT’S IN IT FOR US?
We are passionate about what we do; helping people achieve their financial goals, aspirations and dreams, giving them peace of mind and allowing them to live and love life. So, we are asking as many people as possible to fill in our carefully created 5-minute questionnaire as honestly as possible. We want to anonymously use the data and insights we collect to form a bigger picture of what areas are the biggest concern for different age groups and demographics.
To take our financial wellbeing questionnaire, simply click on the button below.
Take Our Questionnaire
Thank You
As a special thank you for filling in our questionnaire we will enter you into our prize draw for a chance to get hold of this luxury hamper worth £150*
*To enter our draw for a locally sourced Wellbeing Hamper worth £150, kindly leave your email address at the end of the survey. We will only contact you if you win and give us permission to do so.