10 MINUTE CHALLENGE
WELCOME TO THE 10 MINUTE CHALLENGE SERIES!
Getting organised is a chore and when it comes to money – how we spend it or save it – most people find this difficult to face. Unfortunately, it is important and your planning requires good information. Tackle one of these challenges each day, in this order, skipping only those that do not apply to you, but be mindful that make a note that they aren’t. The process will remind you of things and provide a sense of clarity and achievement. Use the pdfs – complete them by hand and keep them safely until the end.
A TALE OF TWO PORTALS
Our first 10 minute challenge. If a client, register for our online portal (get in touch if you want to). Then register for the Goverment portal for your State Pension.
Let’s get up to speed on your short-term plans. What are you expecting to happen over the next year? What projects that require funds will you be undertaking?
YOUR FAMILY TREE
Family is important to everyone, your bloodline will likely be your beneficiaries, tell us who they all are, this forms a framework for a great financial plan and helps us to focus on who is important to you.
YOUR BANK ACCOUNTS
You may know all the details about your bank accounts, but if you are not here to let your beneficiaries know what you have, this is the perfect summary to help them.
Keep your passwords off your computer, use our tips to create codenames so that only you can access your accounts safely. Do not share or send us (or anyone else) this information.
YOUR PENSIONS – PART 1
Your current and former employer pensions, the type we call Defined Benefit or perhaps Final Salary or even Career Average schemes, let’s check you have all the right information.
YOUR PENSIONS – PART 2
These are your investment-based pensions, perhaps arranged by you or an employer. As so many pension companies have merged, keeping track of who is who and what is where isn’t easy.
YOUR PENSIONS – PART 3
The State Pension and your National Insurance Record – check both to know what you are due or if you already receive one, what is the before tax amount?
If you have inherited or been given shares or made some investments, this will help you clarify what you have. Even if you aren’t sure what it is – a deliberate design flaw by the financial services sector…
If you have a mortgage on your home or another property, list the details here. We can then remind you when your rates are due to expire.
YOUR CAR & FINANCE
Avoid missing DVLA dates, insurance renewals, MOTs and any financing payments, here is a quick reminder of what needs to happen and when.
YOUR CREDIT ARRANGEMENTS
If you have credit cards, store cards, personal loans – here is the place to list them, so that we can ensure that your liabilities are met.
YOUR HOUSEHOLD INSURANCE
Many insurers rely on inertia – costs creep up and there are invariably better deals to be had. Itemise your insurance – contents to drains!
Whatever your service costs, it is often possible to get a better deal, list your to avoid drifing onto a poor deal.
Keep on track of your memberships and subscriptions – are you using these still? Do any qualify for gift aid and need stating in your tax return?
PERSONAL PROTECTION COVER
Life assurance, income protection, critical illness? Not sure what each does? How much cover you have? When it runs out? Let’s get some peace of mind on this.
Not every employer provides them, but many provide cover that you may have forgotten about. Let’s check what you’ve currently got in place through your employment so that you do not duplicate cover.
How much income you have determines how much tax you pay. So ensure that we know what it all adds up to. All sources – from your work, investments, interest, rent, dividends or if you draw pensions.
YOUR LIFESTYLE SPENDING
What do you actually want to spend money on? This form helps us clarify the lifestyle you want to continue for as long as possible.
YOUR BUCKET LIST
An opportunity to identify and list experiences you want to have, places to visit, learning new skills to master, in the precious time we have.
Your home or any other major assets – why are they important? What are they worth? What do they really cost?
PLANNING DECADES AHEAD
You know what life costs you today; this form helps plan for some of the larger long-term expenses you may need to consider. Replacment cars, repairs, refurbishment etc
You’ve got your family tree – who do you expect to ultimately benefit from your estate and do you have any special provisions or intentions? How are you making gifts now?
YOUR WILL & LPA
A quick overview of what your Will says, where it is and when it was last reviewed. If you have young children, who are your chosen guardians? and your LPA – who will speak for you?
WHERE IS YOUR STUFF?
We plan for the worst and hope for the best – have you thought about how you communicate where your important documents are, or even the spare keys when you aren’t around to provide instructions?
This is about as morbid as it gets. However, perhaps you have some basic, easy to follow instructions about your funeral. This simple form helps clarify your intentions.
GET IN TOUCH
Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT
firstname.lastname@example.org Call – 020 8542 8084
WHAT WE’RE ALL ABOUT
If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.