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Money planning: It’s a marathon, not a sprint

The London Marathon took place this last weekend (03 October 2021), and participants were delighted that the event was back to normal this year, following a much-curtailed race in 2020.


The analogy of running is actually quite helpful when you are thinking about your money planning: very often, it really is a marathon rather than a sprint. Careful planning, like a carefully selected set of trainers individual to your needs, and laying down the foundations for a successful outcome, are the cornerstones of a healthy financial life.


Of course there will be some ‘sprint’ moments for your money, when something unexpected catches up with you and you have to deal with it quickly. That’s why you might maintain an emergency deposit fund– however, stuff like saving for retirement, building up a fund for educating the kids, and putting funds aside for a house deposit can take years, sometimes decades to achieve.


With this in mind, it’s worth getting your money planning right from the start line. If you’re saving for the longer term, putting the appropriate strategy in place at the beginning could make a significant difference at the end, whenever you choose that to be. Even if you’re some way through the marathon that is life, it’s really sensible to review your money planning regularly with an adviser who can check things through and make sure you’re still on the right track or guide you back to it if you’ve strayed off course a bit. A bit like taking a breather during a run because you may not finish the course if you don’t!


You could start by having a look at our helpful free guides – there’s one for whichever life stage you are at, and there are lots of helpful tips on what you might think about for your money planning.


Don’t forget also that there may be other free things that you could check to make sure that you put in a ‘personal best’:


  • Check your State Pension here: https://www.gov.uk/check-state-pension

  • If your employer runs a pension scheme (most have to these days), make sure the nomination in the event of your death is correct and reflective of your current circumstances. This can be like free life cover, and they may offer this in addition anyway

  • Perhaps not free, but make a will, keep it up to date, and make sure someone you trust knows where it is


These are just some thoughts for your money planning next time you’re out jogging!

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