Herald - Issue 417

Page 56 • The HERALD • 6th January 2022 v THE HERALD - Proud to be part of your community v ASK A PROFESSIONAL 2022 – Build a Plan For You! by Michael Osman, Oyster Financial Planning Welcome to 2022, make this the year to make a plan for your future financial wellbeing. A comprehensive nancial plan helps you achieve your goals by analysing your current situation, planning for the future and monitors progress towards those goals. Here are 8 simple steps to get you started: Set Your Goals Critical goals come before needs and wants. When life changes your goals help guide your nancial decisions and focus on what’s important. Make a Budget Creating a budget can seem like a daunting task. Not only is it important to know how much money is coming in and going out of your household, it’s also vital that you understand where that money is being spent. Build Your Emergency Savings is would typically be three to six months’ worth of living expenses. Protect Your Income What if you or your partner got too sick or hurt to work? Or passed away unexpectedly? Could those who depend on you still pay the bills? Life can change in an instant. It’s good to hope for the best but be ready for the unexpected. Insurance helps you do that. Pay Down Debt e importance of paying down personal debt cannot be understated. But it can be di cult to prioritise paying down debt while still paying for essential day- to-day living expenses. Save and Plan for Retirement Everyone needs to save and plan for retirement. No matter how much you should always start saving as early as possible. It is more important than ever for you to think about where your income will come from when you retire. Invest Some of Your Savings Saving and investing are important parts of a sound nancial plan. Whereas saving provides a safety net for unexpected expenses, investing is a strategy for building wealth. Make Your Final Plans e importance of estate planning is necessary for all individuals. Working out the best ways to leave money in a Will before you pass away can help to make the lives of your loved ones easier. To start 2022 with a financial plan please do get in touch with Michael at Oyster Financial Planning opposite Lloyds Bank in Hythe. 023 8084 8410. Michael Osman