Lifestyle financial planning is a holistic approach to planning your finances, going above and beyond traditional forms of financial planning. Instead of focusing on the numbers themselves, it centres on what is important to you, identifying your current financial circumstances and then devising a bespoke roadmap to help you create the life you envisage and hope for. This roadmap will need to be flexible so it aligns with deviations as your life evolves and changes.

There are key stages that a lifestyle financial planner will take you through. But before this, there is one very important decision that you will need to make yourself – which planner to use.

Choosing a financial planner

The very nature of lifestyle financial planning means you will want to work with them for a very long time so it’s vital to get it right. To choose a planner who you feel comfortable with, someone you feel you can trust.

As well as taking into account your overall experience when talking or meeting with them, consider their qualifications and experience, reviews, ratings and testimonials.

A professional lifestyle financial planner is truly equipped to make objective financial judgements. They do this based on their knowledge of the current market, products and previous experiences. They will outline any potential risks so you can factor them in when decision-making.

A planner can help give you financial clarity as you navigate making life decisions for your future, tailoring their advice to your own situation and goals.

Your financial habits and objectives

It helps if you have an understanding of your own financial habits. Tracking your spending is particularly useful. Not only does it help you see where your money typically goes, it also provides you with the opportunity to cut back in ways that won’t affect your current lifestyle.

In order to be able to establish clear financial objectives, it also helps to know what it is you want to achieve – for example, saving for a car, settling a debt or defining the type of lifestyle you would like to attain.

Keep your financial aspirations on track

Budgeting strategies and tools can come in very handy, enabling you to allocate your money accordingly and making sure you remain on track with your financial aspirations.

Be committed to ongoing financial planning. You can do this yourself, though working with a lifestyle financial planner will enhance this practice. You could find opportunities you may otherwise not have known about or been privy to. Update your roadmap regularly, adapting it as your life changes necessitate. For example, changes regarding your job, family needs or health may mean you need to alter your plan.

The regular and continual monitoring of your financial plan means you can make adaptations in a timely manner, so your roadmap is always leading you towards the financial future you want.

Taking these steps will mean you can make better informed decisions, confidently.

For more information on how to make smarter life decisions using a lifestyle financial planner, our experienced and qualified advisers will be happy to help.