Financial wellbeing is about more than just today. Whatever your dreams you need a plan to get there.
These planned for life events can seem like an impossible dream, but breaking it all down into smaller manageable steps can make it feel easier and you’ll have milestones to celebrate along the way.
Starting a family
When you become a parent, there’s suddenly so much to think about.
Is your diet healthy enough? What kind of pram, cot and car seat do you need? Do you have a nursery? How will you cope with work and childcare or with staying at home?
Becoming a new parent is such a huge responsibility, with so many important decisions and new tasks, that it’s easy to feel overwhelmed. And it doesn’t stop; you will be ‘forever a parent’.
We can’t advise you on the most suitable pram or feeding routine, but we can help you to think about the financial implications of starting a family. Just a little bit of planning now can put you in a much better position when the new member of your family arrives.
- Find out more about planning ahead to start a family.
- Try MoneyHelper's baby costs calculator to get an idea of how much you may need to save and spend to be prepared for your new arrival.
Just a little bit of planning now can put you in a much better position when the new member of your family arrives"
Buying a home
For most of us, buying our first home is likely to be both exciting and terrifying all at the same time.
Being one of the biggest financial decisions you will make, there are a lot of things to consider – from choosing the right property through to finding the right mortgage provider to finance your purchase.
We’ve put together some guides to help you get onto the first rung of the property ladder.
Save for something special
Whether it’s a day out, a special birthday, a holiday, a car, a wedding or home improvements many of us will need to save to achieve it.
The earlier you save and the more you save, the more your savings have a chance to grow. Nonetheless, even a small amount stashed away is good to have.
Life after work
It’s never too early to start thinking about how you’d like your life to be when you retire. Although it may seem like a long way off, saving early gives your pension pot more time to grow.
It’s a good idea to think about what you’ll need to spend in retirement as it helps to create a goal to work towards. It’s not just about adding up your day-to-day expenses, you’ll need to give some thought to how you’ll spend your time in retirement and what that could cost.
Retirement used to be an overnight thing – one day you were working, the next day you were 65, you had your retirement party, got your present (perhaps a watch or a clock) and that was that – you were retired.
Retirement is changing.
Perhaps you want to continue working past 65. This could be part time, volunteering, starting a business or doing something you really love. Maybe you will need to work longer as the age you receive your State Pension has increased. You may even want to retire early, the dream scenario for many people. Or perhaps you may need to retire early due to ill health or to care for someone you love.
If you can’t picture your future the retirement living standards from the Pensions and Lifetime Savings Association can help. Their website gives you practical guidance to help you work out what your retirement might cost based on three lifestyles. They also have case studies that might help you.
- Find out more about saving for retirement.
- Find out more about planning for retirement.
- Use our calculator to see what income you might need in retirement.
- Use our retirement planner to see what income your savings might give you.
With all of the above in mind, you might benefit from receiving financial advice. A financial adviser will talk to you about the bigger goals such as your retirement savings and investments for example – and also help you ensure that your financial provisions are tax-efficient.
It’s never too early to start thinking about how you’d like your life to be when you retire"
British Heart Foundation
The British Heart Foundation also has top tips on preparing emotionally and mentally for retirement.
You can find a financial adviser in your local area at unbiased.co.uk. Advisers usually charge for their services.
MoneyHelper is part of the Money and Pensions Service.