• Schofield

The Anatomy of Financial Planning? Getting started - personal pensions, savings ISAs & more


Financial planning isn’t just about budgets and savings. Financial planning isn’t just for the top 1% of earners either. Everyone can benefit from financial planning services, and working with an independent financial planner will enable you to truly make the most of your money. Being able to achieve your financial goals is only one of the many benefits effective financial planning can provide. But where do you start? When should you start your financial planning? Here at Schofield, we provide our clients with honest and clear advice that they can take away actionable tasks and processes. This advice can help you achieve your financial goals no matter the stage of your life.


Where to start your financial planning?

The first step when it comes to financial planning is to set your financial goals. When you have a target you wish to reach, you can actively devise a plan which will help you get there.


Once you have listed your financial goals, the next step in your financial planning is to build your budget. This is where you list down all of your income and expenses. You should list your expenses in order of priority, such as essential bills, living expenses, and nice to haves. You then use this budget breakdown to guide your next steps. Whether that is to place money in savings accounts or other opportunities.


No matter your age, speaking to a financial planner can help you achieve your financial goals. Work with someone who understands your needs and requirements.


How to begin saving

Now you have your budget you can begin to decipher how much you have after your expenses to put away. The trick with saving is to keep going. Having those financial goals will help keep you on track, but you need to continue to save a set amount each month. Ideally set up a standing order for that set amount you wish to save, that way the money is sent directly to the preferred account and you don’t have to worry about it.


What savings account do I need?

The type of savings account you would need depends on your goals and financial situation. For some, having an ISA which they need to provide notice on when they wish to withdraw some of their money is the best option. For others, having the liquidity to move money from account to account quickly is more preferable. Always speak with a financial adviser regarding the specifics surrounding savings accounts. They will be able to help guide you through the various options available to you.


Personal Pensions - where to begin

The majority of UK workers will have a workplace pension, however, it might be worth considering having a separate private pension. The first place to begin is back with your budget and goals. This will help guide you on the amount you have available to invest into a private pension. Once you have an idea on your goals and finances, contact our independent financial advisers and find out which pension solution is best for you.


Early investments - should I invest?

Investments are a truly personalised experience. Finding the right investment for you takes time, as well as working with a dedicated financial planner. No matter what age you begin your investment portfolio, working with a trusted adviser can help you make the best financial decision for you.


There is no right or wrong way to go about financial planning, however to ensure the best possible outcome always seek professional advice. Our team is dedicated to providing you with the best advice that works for you and your financial situation. No matter where you are on your financial journey, contact us now to see how we can help.



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