Whilst writing this article, it has been another week of chaos at UK airports, with hundreds of flights cancelled and holiday makers facing long queues, with reports of waits up to eight hours.

Pent up demand for travel and staff shortages have combined to put pressure on airports and airlines and it looks like the problems are likely to continue through the peak holiday season.

Planning ahead and budgeting is going to be vital to reduce unnecessary emotional and financial stress for this year’s holiday. This is not only true when planning a much needed holiday but also for all your future lifetime goals.

There’s a subtle but important difference between financial advice and financial planning. A real financial planner will not focus on your money, but on your lives.

Real financial planning doesn’t simply involve finding products to suit a need. Instead, it answers questions such as:

·         What are your dreams and aspirations for the future?

·         What do you want for yourselves and your family?

·         How much will you need to meet these goals?

Only by finding out answers to these questions can we understand both your circumstances and your goals, and work with you to achieve your life ambitions.

At FFP, once we get to know you, we use a range of tools including tax, contingency and cash flow planning to build and maintain a financial plan that will last you a lifetime.

For example, we can stress test your situation and model a range of ‘what if?’ scenarios to test the impact of certain events on your plans.

Analytical work such as cash flow modelling considers the gaps between your goals and the financial reality of achieving them. And, if we find gaps, we can model different possible scenarios to help you understand how we can bridge them. This may include:

·         Saving more

·         Spending less

·         Retiring later

·         Downsizing the house

·         Leaving less to your family

On the flip side, modelling a range of scenarios may mean that you gift more, retire earlier or spend more than you expected!

Truth About Money® is a consumer cash flow modelling tool that we have provided access to, free of charge. It shows part of what we do in our bespoke financial planning process. Try our cash flow modelling tool here: https://www.ffp.org.uk/truth-about-money or get in touch with us to find out more.

July 2022