Consider each of the four steps in turn;
- Where am I today?
- What do I want to achieve?
- Set budgets and Goals to get you to where you want to be
- Track your spending and progress against your budget
Bear in mind that things will happen to throw you off course such as your car failing its MOT or the washing machine breaking down – how will you pay for them?
Can you fund from your own savings or will you have to get a loan?
It's all about reviewing your budget and spending regularly to make sure you are on track. If you are going off course you need to know how to take appropriate action and rebudget.
Our pension scheme is just one way of making sure you have some money in retirement. It also has other advantages too:
- Tax relief on the money you pay in as well as increases in investments. No income tax or Capital gains tax!! – how often do you get a deal like that?
- The chance to take out a tax free lump sum at retirement
- Many of the charges are paid for by HBOS
What about the rest of your income?
Check out our planning top tips...
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