Dealing with the financial ‘ups’ of daily life

If there’s one thing you can be certain of, it’s that life doesn’t stand still for long.

Although you may well have a long-term financial plan, you’ll invariably encounter some ups and downs along the way.

Just as your investments will rise and fall over time, so will your disposable income. There may be times when you come into unexpected cash, but also periods when you need to be more careful.

These ups and downs can be stressful, especially when there’s a decision that needs to be made. But it doesn’t have to be that way – with our help, you can be confident that whatever’s happening in your life, you’re making the right choices for you.

In this article, we’ll look at how we can support you to seize opportunities presented by the ‘ups’. In the following article, we’ll explore how we can assist you in navigating the ‘downs’.

How do you capitalise on strengths and opportunities?

Anything from a pay rise to a bonus or an inheritance can give your short-term finances a welcome boost. But used the right way, they can also have a more significant impact on your long-term financial security.

It’s often tempting to spend extra cash or just sit on it. But it’s worth getting in touch with us so we can look at your options with you.

What to do with a cash windfall

An unexpected lump sum presents lots of exciting financial planning opportunities and can go a long way towards helping you achieve your financial goals. The right option for you will depend on a whole host of factors, but we’ll help you work out what will make the most sense in the short and long term.

For example, if you’re yet to buy your own home or want to give the younger generation a leg up, your lump sum can help with a deposit. 

Investing the money may not be ideal if you’ll need it in the short term. In fact, you might benefit from putting your money towards your retirement. You can pay it into private retirement savings yourself or, if it’s a work bonus, ask your employer to contribute to your workplace pension.

If you’re paying a bonus into a workplace pension, you and your employer may be able to make National Insurance savings too.

What should I do with a pay rise?

When you receive a pay rise, move to a better-paid job or simply find yourself with more disposable income, we can help you work out how to put that extra money to best use.

That could mean keeping it in cash for short-term financial goals, investing it for longer-term ones or topping up your retirement savings contributions. Alternatively, it may make the most sense to pay off any outstanding loans or credit agreements you might have.

If you can spare your extra cash, you may want to set up a savings or investment account for any children in your life.

Change of lifestyle

Sometimes, lifestyle shifts – even positive ones - can present some financial challenges, so it’s a good idea to mention any changes in your circumstances to us. You might be surprised how we can help.

Take a relocation with work, for example – if you’re moving overseas, we can tell you how we can assist with the move.

The value of advice

When you come into money, you might worry about how to make the most of it.

We can empower you to make the right decisions for you and your loved ones and help improve your financial wellbeing now and in the future.

Make confident financial choices. Get in touch with us today.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society, as the value and income may fall as well as rise.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.