As we approach the end of the year, it’s that time again to assess your financial goals and the plan you’ve made for the future. Meeting with your Magenta financial planner annually is a crucial step in ensuring your financial health and stability. Before you sit down for your yearly check-in with us in 2024, consider these key aspects to make the most out of your meeting.
1. Review Your Financial Goals
Start by revisiting the financial goals you’ve set. Are they still relevant? Have there been any significant changes in your life, such as a new job, marriage, divorce, or the birth of a child/grandchild? Your goals should align with your current life circumstances, so take the time to reassess and adjust them accordingly. This reflection will provide a foundation for your discussion with us.
2. Evaluate Changes in Income and Expenses
Take a close look at your income and expenses over the past year. Have there been any significant changes? Did you receive a salary increase or bonus? Did you incur unexpected expenses? Medical costs? Have you extra money to invest, or do you need to make a withdrawal? Understanding how your financial situation has evolved in the year will help us make appropriate adjustments to your financial plan.
3. Debt Repayment Strategy
If you have outstanding debts, like your mortgage, assess your progress in paying them down. Are you on track to reduce your debt as planned? This year, more than ever with interest rates at a 10-year high, you may need to modify the plan in place, and we can help you develop or refine the plan to ensure it still aligns with your overall financial goals.
4. Check Insurance Coverage
Life changes, and so do your insurance needs. Review your insurance policies, including life, health, and mortgage insurance. Ensure that your coverage is adequate for your current circumstances and make adjustments as necessary. If there are changes you think may need to be made, we can then discuss this at our meeting.
5. Tax Planning
Stay proactive about your tax position! Let us know if there have been significant changes in your income or financial situation so we can be prepared to discuss potential tax implications and take steps where possible to minimise your tax liability – this is a critical aspect of comprehensive financial planning.
6. Emergency Fund and Contingency Planning
Ensure your emergency fund is sufficient to cover three to six months’ worth of living expenses. Discuss contingency plans for unexpected events with us, so we know about this.
7. Gather Important Documents
If you’ve re-written your Will, made new Powers of Attorney or have any other important paperwork which you feel we should know about or you need guidance on, make sure you have these to hand for your meeting. Having these documents ready will save time and allow Magenta to give you more accurate and tailored advice.
Conclusion
Meeting with Magenta each year is an essential step in maintaining a healthy financial outlook and keeping on top of things.
By taking the time to reflect in advance of your meeting, on your goals, gather necessary documents, assess changes in income and expenses, and review various aspects of your financial life, you can ensure that the meeting is of real value and empower us to provide you with tailored advice that aligns with your current situation. This collaborative approach means that your financial plan remains dynamic, relevant, and responsive to your changing needs and aspirations.
We look forward to seeing everyone for their meetings in 2024!