October is the month of Halloween and all things scary!
Bearing in mind how scary the majority of 2020 has been so far, we will park up any more horrors - I think we have had enough this year.
However, on a more positive basis, if you could wave a magic wand over your money and its planning, and were granted one wish, what would it be? Now, we appreciate that you could wish for more cash than you could ever dream of, and doubtless most of us would, but in reality it's not the money that most would wish for, it's what it provides.
So, the question now moves to what do you want your money to provide you? We hope that the answer is overall wellbeing, but what does that mean to you?
Perhaps your priorities might be:
- Security for the family?
- Having enough to retire on?
- Passing funds onto your loved ones?
- Funding education?
- A special holiday/house/car purchase?
- Just being mortgage and debt free?
- All of the above...and perhaps more.
You can guess that this desires list is endless, and its focus may have changed over the last six months or so. We are finding that many clients' views on what they really want, and what is important to them, has changed, in some cases quite significantly.
We have seen some folk build extra savings, not because they wanted to, but because they have not been able to spend their income in the way they wanted (and usually have in the past), on stuff like holidays. And some have used these extra funds elsewhere, like repaying debt at a greater rate than normal, or building deposit funds for future financial emergencies.
Whatever your past priorities, check them again to see if they have changed through the chaos of the last six months or so. Irrespective of whether they have or not, cost them up again to look at the future budget needed, and start planning today.