Clarence Place Wealth Management Ltd

Do you know where your pensions are? If you’ve changed jobs a few times and haven’t moved your pensions, the likelihood is that you have different pension pots in different places. If this is you, and you’re not sure what you have, take some time to track them. Once you have, keep a list of all the details you may need.

Many people know of trusts as a mechanism for reducing Inheritance Tax, but trust and estate planning can also be helpful for other reasons. Trusts, in particular discretionary trusts, can offer protection for your assets against a number of different changes in circumstances. If you are considering gifting assets in the future, it may be worth exploring whether a Trust could be an option for you.

Please note that trusts are not regulated by the Financial Conduct Authority

Are you hoping to start budgeting for the new year? Take a look at our top tips.

1. Take the time to do it properly
Don’t be tempted to rush it.
Make sure you have accurate costs of everything you spend.

2. Be realistic
If you’re trying to reduce spending in certain areas, make sure it’s achievable. For example, if you want to spend less on food shopping, think about how you will do it. Will you be switching brands or ingredients? Is it still possible to cover all your meals on the amount left? Make sure you’re pricing it all up correctly.

3. Check you have budgeted for every purchase
Before buying something, ask yourself if it is included in the budget. And if it is, record it as soon as possible, so you don’t spend that money more than once. It’s all too easy to buy impulsively, especially for small purchases, but it soon adds up.

4. Look for savings
Use it as an opportunity to find as many ways to save as possible. Can you reduce subscriptions you’re not using or change suppliers? Are there smaller purchases you’re making frequently, such as coffee on the way to work, that you could live without?

5. Update it regularly
Check often to make sure it’s still up-to-date and accurate. If something changes in your life that affects your money, properly account for it in your budget to ensure you’re still on track.

While it’s not something you want to think about, planning for what happens if you become ill or injured and can’t work is an important part of money management. If you experience a sudden loss of earnings, it can significantly impact your finances. Income protection insurance is one option that could give you some peace of mind. Our online article (on the insights section of our website) discusses what it is and why it can be more than just a safety net.

Buy now, pay later schemes can be useful, but they can put you at risk of overspending. Take care before agreeing to a buy now, pay later option, and make sure you have budgeted it.

Keep track of the ones you haven't paid off and ensure you're including these in your monthly outgoing costs.

The earlier you start saving, the better for the future.

Just saving £50 a month from the moment you are born can turn into £1 million at age 60 with a 5% growth.

As we head closer to the end of this tax year (5 April), it’s now even more important to make sure you're making use of your tax allowances. Making the best use of your tax allowances, exemptions and reliefs before the end of this tax year could help you to reach your long-term goals sooner. Find out more in our website's insights section.

Have you moved jobs a few times in your working life?

Do you know where your pensions are and if they’re in the best place?

It’s so easy to forget about pension pots, but you could be missing out on a lot of money. Make sure you know where your pensions are and how you can access them.

Spending a little time now making sure you know what pensions you have and where they are could really pay off in the future.

How much thought do you put into the things you buy? Are you making sure your purchases are all planned and budgeted for?

Even low-value impulse spending could be having a big impact. If you haven’t budgeted for it, you could find you’ve overspent by the end of the month.

Even if you do have the money, have you needed all the things you’ve bought on a whim? Could you have got it for less elsewhere if you’d had more time to research? Could the money saved have been put to better use elsewhere? Where possible, is important to think about those questions and try to delay any last-minute purchases to give yourself time to consider whether you really need it.

When should you start saving for retirement?
The answer varies for different people, but it depends on how much you plan to spend once you retire.
You can join us to help you figure that out.

The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management Plc (which is authorised and regulated by the Financial Conduct Authority). The `St. James's Place Partnership' and the titles `Partner' and Partner Practice are marketing terms used to describe St. James's Place representatives.
SJP Approved 01/07/2025.