Important information: The value of investments and the income from them, can go down as well as up, so you may get back less than you invest.
Oh the long, lazy days of summer. Those carefree months when you kick-back, relax and let all those problematic money matters that you’ve been putting off sit there on the back-burner, while you simply ‘enjoy the summer’.
Only problem with that is when September comes around and that all-too-familiar ‘back to school’ feeling creeps back in.
Now, I’m not suggesting we can stop the nights drawing in, but we can spring into autumn with a sense of having actually (for once?) got our finances under control, any surprise pandemic savings put to good work and the rest of 2021 in sight with a clear focus on where we’re going - when it comes to our money at least.
1. Get to grips with what you have
Be honest with yourself about how much you earn, what you owe and where your money goes. Make a note of your take-home pay then offset that against your regular outgoings. Include variables such as food, drink, holidays, Christmas and birthdays. And don’t forget credit cards and loans.
You will soon get a good idea of whether you’re spending within or way beyond your means.
2. Check your investments are doing their job
We all invest for a purpose. Whatever the end goal, be it retirement, wedding, school fees, new house, for most of us that purpose is to grow our money. So how’s yours doing?
While you don’t want to tinker with your investments for the sake of it, that doesn’t mean you shouldn’t keep an eye on how they are doing.
Markets move and times change and making sure that you are still on track is better done as you go along. Just a quick review of your portfolio, a check to see whether you can top-up your investment pot with a bit of spare lockdown cash is a good idea.
3. Make sure you’re bringing your A game
You only have to look at the winners at Wimbledon or the Olympics to see that every great athlete has a coach by their side. So don’t feel you have to go it alone when it comes to your money. Seeking guidance and advice can make all the difference.
Whether you’ve maxed out your ISA and want to know how else to make your money grow tax-efficiently, you want to save for your children or grandchildren, you need to make the most of your SIPP savings or you simply need to get started, an adviser can help you make the best decisions.
Fidelity’s team of advisers can work with you to up your game and give you the reassurance that you’re on track whatever your goals.
Important information: Investors should note that the views expressed may no longer be current and may have already been acted upon. Tax treatment on ISAs and SIPPs depends on individual circumstances and all tax rules may change in the future. Withdrawals from a pension product will not be possible until you reach age 55. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to a Fidelity adviser or an authorised financial adviser of your choice.
Share this article
How gold let me down... and other investing mistakes this year
What happened when I tried to broaden my portfolio?
The investment lessons to learn from the China and energy crises
Current events offer cautionary tales for investors looking to preserve wealth