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Where to
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Retirement
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Where To Begin
Before we ask you what plans you have for
investment, take some time out to consider how you are using your current
income.
Use the
monthly budget table to work out where you think your money goes now,
using the ‘Actual’ column to record your income and outgoings over the coming
month. Use the ‘Intended’ column to complete your budget reflecting any changes
you anticipate making.
Next, think about your savings and assets – your
home, investments, personal assets, and current savings – and your liabilities –
your mortgage, credit card debts, and any other outstanding loans or bills. Use
the
personal balance sheet table to calculate your net personal worth. Once
you have completed the tables you should have a clear picture of your current
financial position, and of the areas where you might be spending more (or less)
than you thought you were. You should also have some idea of the amount of money
you can invest each month towards meeting your short-term, medium-term and long
term financial goals.
At this point you should look at your spending and
debt pattern to see if any changes are possible. For example, better budgetary
control might mean you can pay off some of those credit credit card debts, so
saving the monthly interest cost and making more income available for saving.
Finally, it may be that you have other items to take into account
in estimating your total net worth.
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If you are in business you should add the value of the
business, or your interest in it. (We can help here by providing a valuation
if you wish)
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You should also add the value of anticipated inheritances and
other items such as trust funds
You should now have a clearer picture of how much
capital and income you can count on as you develop your personal financial plan.
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