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Why You Need A Financial MOT

With the cost of living only increasing, it is important to know exactly where you stand financially. Understanding where you spend your money can help you reach your financial goals, as well as make things easier on your everyday spending.

Here at Schofield we believe that everyone can reach their financial goals with the right financial adviser at your side. Our dedicated team of chartered financial planners work with you to find the right solutions and plans for you.

What is a Financial MOT?

Every car has a yearly check to make sure that everything is running smoothly and safely, a financial MOT is the same concept. It is simply a yearly check that ensures you are on track to reach your financial goals as well as ensuring you are financially healthy.

With so many changes in interest rates, inflation and much more it can be easy to allow something to slip when you could be saving money elsewhere. Not only should you keep an eye on your savings accounts and credit cards, but check on any direct debits and subscription services that you do not use. These can all add up quickly. Assess whether you can amend your spending habits by keeping a small note of what you spend where this little budget tracking hack can help you make conscious spending decisions.

Why should you reassess your financial status regularly?

Checking your financial status regularly ensures that you are able to reach your financial goals. Understanding in detail where you spend your money and where you could make cuts or changes will help you keep in control of your finances. Having this control and understanding means you are able to quickly manoeuvre your money and goals depending on whatever crisis you may find yourself in.

Working with a financial planner can help you reach this level of control and understanding. They will help guide you through any goals you may have and help you plan accordingly.

How do you adjust your financial goals?

When you first set your financial goals you will have based them on your current financial status. Adjusting those goals is no different than setting them. Take stock of your income and your outgoings, assess whether the goal you are attempting to reach is still feasible and adjust accordingly. Moving your goals forwards or backwards isn’t a negative thing to do. Remember that having the goal and working towards it is better than no goal at all. Always continue to check in on your progress and you may find that you can adjust your outgoings as you go.

How can Schofield help you going forwards?

Schofield are independent financial advisers, which means we have access to the majority of the market. Working with an independent adviser means you know that you are receiving the best possible product or solution available at any given time.

Our team works closely with you to understand your current financial status and help you develop your goals. We then scour the market to find the right products for you that will help you achieve your financial goals within the time frames required. We discuss the options with you and help you plan the next steps. Having this support means that you can rest assured that each decision you make is backed up by knowledge and experience.

Speak with our team now to see how we can help guide you through your financial MOT. Our team is always happy to help new clients with their financial goals.

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