Top Reasons You Need a Financial Health Check

As part of our financial planning week series, we wanted to highlight the two main reasons carrying out a review of your finances is really important to do.

The first could be to fully establish your present financial position and decide on the next steps to best suit your circumstances at any given time in your life. 

Alternatively, it may simply be a case of seeking reassurance that the arrangements you already have in place are in alignment with the financial goals you hope to achieve in the future, even when there is a need to work through the impact of a global pandemic!

Most people already have a good grasp of their personal finances and how to budget on a monthly or yearly basis, but many find it more difficult to extend this to long term financial planning.

This is where we can offer assistance in reviewing your everyday outgoings, current savings and investments, considerations for retirement and any insurances or protection policies that you may already have in place.  With this information, we can help you develop a complete understanding of your current financial position and how this may evolve.

Additionally, by working with you through this process, we can ensure matters are organised in the most efficient and effective way to continue to meet your goals for long-term financial security and help to establish a plan for your financial future whatever stage of life you are at.

How McCrea Financial Services can help:

  • Clearly identify your current financial goals or issues
  • Gather all relevant information necessary to create a clear picture of where you are now
  • Construct a written plan recommending how to make the most effective use of the resources available to you in order to meet your financial objectives
  • Annual reviews, adjusting as necessary to account for changing circumstances

Who would benefit most from a financial health check?

Everyone! There are many different milestones in life which highlight the benefits of undertaking a financial health check at different stages - from moving house, raising a family or planning for retirement to name a few.

We tend to spend our 20's and 30's creating a home, obtaining a mortgage and possibly experiencing a few career changes along the way. We then reach a stage in life where our financial priorities change as we realise that retirement is approaching, which raises the following questions:

  • Have I saved enough money? 
  • Is my pension pot going to be big enough?
  • Is my money invested in the right places? 
  • Should I be paying more to my mortgage? 
  • Could my family be affected by Inheritance Tax? 
  • What would I do if my health deteriorates?

It might also be wise to ask yourself some of these key questions:

  • Do I have clear financial goals for the next 5, 10 or 20 years?
  • If you do, how confident are you about how those goals will be achieved?
  • If you don’t, what difference would setting those goals, and the knowledge that they are achievable, make to your life?
  • How are you going to move forward from where you are currently financially?

What's the next step?

It’s easy – come and have an initial free-of-charge chat with one of our financial planners who can discuss your current situation and your priorities with you, before creating a personalised financial plan to help prepare you for the years ahead.

Please contact our team here or call us on 0141 572 1340 to get your financial health check underway.

Other News in our Financial Planning Week Series:

Monday 5th October: Welcome to Our Financial Planning Week Series

Tuesday 6th October: Getting Started With Financial Planning

Wednesday 7th October: Futureproof Your Finances

Thursday 8th October: With You for Every Stage of Life