Do you have a busy schedule and struggle to make time for financial planning? It’s easy to get caught up in the everyday grind, but this can leave us feeling unprepared for life’s milestones.

If you want to get organised and put yourself in a strong position to tackle big life events, take a look at our tips below.

Planning For Marriage

If you’re in a long-term relationship and are considering marriage, it’s important to communicate openly with your other half about how you’ll manage your money.

Do you want to combine finances? Or would you like separate accounts? One option is to try both, keeping separate accounts for individual spending and a joint account for household bills. 

It’s also wise to discuss your financial goals and household budget to ensure you’re on the same page about saving and spending.

Having these conversations early will allow you to create a plan that works for you as a couple and help you avoid arguments later down the line. 

Planning For Parenthood

Starting a family is a hugely exciting time but does come with additional financial responsibilities. 

It’s important to plan for expenses like childcare, extra-curricular activities and healthcare. Consider how much you’ll want to spend on things like family days out, too. 

To create a plan, revise your budget before the baby arrives. Think about whether you can increase your savings pot to help you prepare for maternity and paternity leave and cover essentials like a cot, clothing, nappies and so on. 

If you’re both employed, carefully read the maternity, paternity and/or shared parental leave policies to calculate your income once the baby arrives.  

Planning For Purchasing Property

Ready to become a homeowner? Buying a home is a significant investment which requires careful planning and preparation. 

Firstly, you should assess your financial situation to establish how much deposit you can save before you buy. 

Research mortgage options to see what you could borrow based on your current salary, as this will help you narrow your search to properties within your budget. 

If you have a poor credit history and are worried about securing a mortgage, there are several ways to boost your credit score. 

For example, you could register to vote, check for errors in your report and keep your credit utilisation as low as possible.

You may also be able to apply for credit cards that could help build your score. Make sure you make payments on time, stay within your credit limit and avoid spending more than you can afford.

Planning For Retirement

Securing a comfortable retirement requires early and strategic planning. What this looks like will depend on your age.

If you’re working, get to grips with your workplace pension and how much you and your employer are currently contributing. Consider whether you can increase your contribution, even by a few per cent, to boost your retirement income. 

As well as your pension pot, think about making use of a tax-free savings account. You could, for instance, set up an ISA which allows you to save up to £20,000 in the tax year, free of income and capital gains tax. 

Speak to a qualified financial advisor for more information on financial planning and how you can best prepare for your future.