Why Should I Set A Financial Goal?

Parsonage Financial Planning

Here’s the secret, Money is important.

And the second? Saving is not that fun.
We like to spend our money, we like to enjoy ourselves. We like to live in the moment, to be impulsive, to take that holiday, to say yes.

We like to embrace life. It feels good to take part.

There is a reason that people don’t like to save. One of those reasons is that more and more, people in their twenties simply don’t feel like adults. In fact, we think that the age to start building a financial plan is somewhere in our thirties. But we graduate, we get a job, we choose a career, in our twenties.

Imagine building for ten years with no plan. Imagine working day in day out and after a decade feeling like you got nowhere. That is why you should have a financial goal. And that is why you should set it now.

As the head of Parsonage Financial Planning, I am lucky enough to work with people at every stage in their financial planning journey, and that is why I have designed a ten week social media plan just for you.
Each week for the next ten weeks Parsonage are offering you the opportunity to learn more about your own money. We’ll be sharing with you ten tips designed specifically for people like you, people who want to build their wealth rather than work for money.

So why should you have a financial goal?

Simply put, you are important. And your financial goal is set by you, about you.

Do you want to get married, by a car, afford a house deposit. What is it that you want for you? Decide on that and you will get what you want sooner.

Having a clear financial goal is such an important part of building yourself a future you can enjoy. Having a financial goal is about making the right choices at the right time that get you where you want to be without making you miserable.

If you already know what you want to save for, the first step will be easy for you. If not, I’m delighted to hear that! Get thinking, what is it that you really want?

The only thing better than setting your financial goal is to share it with other people, and if you choose to share it with us, you can rely on our Chartered IFA status, ensuring you the highest quality support and advice.

At Parsonage we are passionate about sharing quality, clear, financial information with the next generation to empower you to make the right choices at the right time and build your wealth from the very beginning of your career.
Like and follow our Facebook page, tweet your questions to us via Twitter or find us on Instagram. We are here to answer your questions and to get to know you.

Flora Maudsley-Barton

Here's a little more information about our team:

Q: Qualifications Include

A: My degree in modern languages included a module on economics and personal finance, and that's how I got into financial planning.

Since then, I've become dual qualified as both a Certified Financial Planner and a Chartered Financial Planner, including the specialist qualifications in Tax & Trusts (G10) and Pensions (AF3/G60).

The full list is:

AF3 - Pensions (CII) (I did that to totally update my pension knowledge, as I had done G60 in 1994.)
K10 - Retirement Options (CII)
K20 - Pensions Investment Options (CII)
G20 - Personal Investment Planning (CII)
Chartered Financial Planner (CII)
ER1 - Equity Release (CII)
HR1 - Home Reversion Plans (CII)
G10 - Taxation and Trusts (CII)
CFP - Certified Financial Planner Licence (IFP)
H15 - Supervision and Sales (CII) 

In November 2016 I added the STEP (Society of Trust and Estate Practicioners) Certificate for Financial Services.

Q: Do your clients have anything in common with each other?

A: They are all lovely and there are a few similarities in their aims that I've noticed. 

Many of my clients want to do more than just meet their own needs. They also see themselves as custodians of their money for the next generation or for other beneficiaries. 

In other cases, their aim is to manage their wealth efficiently during their lifetime, with the aim of spending it all… but minimising tax on the way there.

Q: What type of work do you enjoy most?

A: I do get a real sense of satisfaction from the work with those clients who engage me to manage the needs of two generations of the same time. That can be 'just' a long-term and balanced investment strategy or it can be trust planning and estate planning to avoid paying too much Inheritance Tax.

Q: Where would you be right now if you weren't at work?

A: In the Lakes

Q: In the film of your life, who would play you?

A: In my head, it's Uma Thurman, but I expect they would approach 'Nursey' from Blackadder II.

Q: Curry or Hot Pot?

A: Agh, too difficult. Curry.

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Infuriate my colleagues by opening conversations then cutting off their reply when my call is answered.