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How to take control of your financial wellbeing

How to take control of your financial wellbeing

What’s your biggest financial wish?

Is it to have enough money to retire? To grow a nest egg of savings for your children? Or perhaps to be financially secure to be free from money worries, even if the unexpected happens?

Maybe the time has come to stop wishing and take action.

It’s all too easy to put your dreams and goals on hold until tomorrow. But when it comes to taking control of your finances, every day counts.

Financial planning can empower you to get on top of your financial situation. Get a realistic view of your current situation, as well as your key priorities and goals.

The foundation of your financial plan should be making sure that you and your loved ones are protected against whatever challenges might come your way. Protection can take several forms, and there are a range of products available which can help you to cover your needs.

For example, you might want something to help your loved ones to pay off an outstanding loan or mortgage. Or you might want to offer financial protection in case you die or become critically ill. Many of us have known somebody who has faced a critical illness or injury, and the consequences can be devastating. Preparing for the unexpected is essential and having insurance cover can provide valuable financial support during difficult times.

Have you saved enough for a comfortable retirement?

Another common financial goal is a comfortable retirement. It’s never too early to start thinking about your retirement plans,. The earlier you act, the more time you have to save. This is important, because if you rely solely on your state-funded pension, you're likely to experience a significant drop in your overall income.

Investing in your future

Another benefit of taking out a savings product for retirement is the opportunity to grow your savings through regular investment. Rather than putting down a lump sum, many retirement savings plans allow you to invest small amounts of money on a regular basis, hence averaging out the price at which you buy units. This can reduce some of the worry associated with a sudden drop in prices when investing your capital at one go.

Regular investing also offers flexibility. You can increase or decrease the amount you invest, pause your investments temporarily or switch your funds to other asset classes or geographies. For many people, a flexible regular savings plan could be an ideal stepping stone into the world of investing, and can be used as valuable experience if you wish to invest a larger sum of money at a later stage in life.

Speaking to a professional financial advisor is a good idea if:

  • you've saved a good amount of cash
  • you've built capital
  • you're the recent beneficiary of an inheritance
  • you've received an unexpected windfall


An advisor can help you to explore options to make your money work harder for you. They can work with you to set your personal goals and attitude to risk creating a tailored investment strategy that reflects your needs.

Understanding risk vs reward

No investment comes with total certainty. In many cases the greatest rewards can come at the cost of a higher degree of risk. But by working with an advisor you can make a plan that sits within your risk tolerance. You then have the potential to make more money than you could expect if you simply held your money in a savings account.

Another important term to get familiar with is diversification. This basically means spreading your investments across several asset classes, sectors and geographies. This avoids exposure to any single asset class or instrument which may perform poorly. This is not just important at the investment portfolio level, but also in relation to other assets such as real estate and cash holdings.

Taking control of your finances and making a plan can help you to feel much more confident about those long-held dreams and aspirations. Don’t leave it until tomorrow. Contact a trusted financial advisor and ask a for a financial planning review today. Your future self will thank you for it. 

Explore more

A critical illness policy can provide financial support that you can access when you need it most.
Making small regular payments can be a good way to mitigate risk when creating an investment plan.
Is your workplace offering the right pension support to help you to save for retirement?
A range of savings accounts to meet your needs.