A word from the office - August edition

Well, we blinked and it’s August already! We’ve enjoyed the Euro's and the fantastic atmosphere it brought to the quays. We’re lucky to have this right on our doorstep, making it easy to catch some of the games and soak up the atmosphere after work. The excitement and energy from the Euro's has been infectious, making this summer one to remember.

Watching the Euro's got me thinking about goals and how we can draw inspiration from the athletes' dedication and hard work. These players set their sights on victory and gave it their all, reminding us that with the right mindset and determination, just like the teams aiming for success on the field, we can set our sights on what we want to accomplish and go for it.

Goal setting is a crucial part of financial planning, helping us to stay focused and motivated. This month, we’re diving into how you can make goal setting work for you. We’ll explore practical tips and strategies to help you set clear, achievable targets and create a roadmap for reaching them. Whether you're aiming to save more, invest wisely, or plan for a major purchase, setting well-defined goals can make all the difference. So let’s take some inspiration from the Euro's and get ready to achieve great things in the months ahead!

Monthly Headline from Quayside

Setting goals as part of a financial plan is crucial for individuals and families due to the ever-changing economic landscape and diverse financial challenges they face. By establishing clear and achievable financial objectives, such as saving for a home, planning for retirement, or managing debt, individuals can create a roadmap that provides direction and motivation. This proactive approach is particularly important at the moment, housing costs are high, the pension system is evolving, and inflation can impact savings. Goals help in prioritising spending, making informed investment decisions, and helping ensure financial stability. More importantly they provide a sense of control and progress, reducing financial stress and enhancing overall well-being. By regularly reviewing and adjusting these goals, individuals can adapt to life changes and market fluctuations, ensuring long-term financial security and the ability to meet both short-term needs and long-term aspirations.

Here are the top five tips for setting goals for your financial plan:

1. Be Specific and Clear: Define your financial goals. Instead of vague aims like "save more money," set clear targets such as "save £10,000 for a house deposit in five years."
2. Set Realistic and Achievable Goals: Assess your current financial situation and set goals that are challenging yet attainable. Unrealistic goals can lead to frustration and discouragement.
3. Prioritise Your Goals: Determine which goals are most important to you and prioritise them. This helps in focusing your efforts and resources effectively, especially when you have limited financial means.
4. Create a Timeline: Establish a timeline for each goal. Short-term goals (within a year), medium-term goals (1-5 years), and long-term goals (5+ years) help in tracking progress and staying motivated.
5. Regularly Review and Adjust: Life circumstances and financial situations can change. Regularly review your goals and financial plan, making adjustments as needed to stay on track and accommodate any new developments.

Top Tip from Amelia

When setting goals for client’s financial plans, I often refer to the example of going to a personal trainer and saying you want to get into shape but giving no further specification on whether this is fitness, health, muscle tone, muscle building, weight loss or weight gain.

My top tip is to sit down with someone close and go through your goals, really think about them, it’s exciting and you should talk about it with people to get inspired and hold yourself accountable. I find a chat about my life goals also leaves me feeling motivated and determined to achieve them! We use a great piece of software with all our clients that allows them to visualise their financial position over time and show how certain planning and advice can have an effect. Clients love using this with us as it brings their plans to life and creates a clear pathway to achieving their goals!

Last Month’s Headline 

Business Protection – What should you be thinking? You can read more on this topic here.

Further Insights

If you’re interested to read further, we also have more useful information on our website which can be found here.

Charity News

Victoria and Lucy are taking on Shine Night Walk in London and walking a full marathon for Cancer Research on 21st September 2024.

1 in 2 people will be diagnosed with cancer in their lifetime. Every single pound you donate makes a difference to Cancer Research UK’s ground breaking work. Donate to their Giving Page today and help bring forward the day when all cancers are cured. 

Contact your Adviser 

If you’d like to discuss more about this month’s topic, please book a call with your adviser here. 

Alex’s Diary

Amelia’s Diary

Liam’s Diary

Piers’s Diary

Steve’s Diary

Links from this website exist for information only and we accept no responsibility or liability for the information contained on any such sites. The existence of a link to another website does not imply or express endorsement of its provider, products or services by us or St. James's Place. Please note that clicking a link will open the external website in a new window or tab.