Think Tank

Reviewing your personal finances – winter health check

9th December 2019


If someone knocked on your door every month and asked for £50 offering nothing in return, wouldn’t you ask what it was for? This could be happening to you.

Reviewing your finances

Throughout this winter we will be visiting clients to discuss their personal financial situation with regards to pensions, investments and planning wealth distribution for the future.

With busy lives and a business to run, personal finances can often get overlooked, particularly when you are keeping a close eye on day-to-day farming matters. If you factor in the ever-changing tax landscape and our government’s need to realise money to keep this nation running, then it is now even more imperative to review and understand your personal financial affairs.

Often a review and a focus on what the aims are for those arrangements can have surprising results.


Example 1:

Mr Farmer saved himself several thousand pounds a year just by:

  • Surrendering some ineffective investment plans
  • Cancelling direct debits for insurance policies that were no longer needed
  • Redirecting part of what they were saving into a more effective pension scheme.

Reviewing financial affairs in both a personal and business context can also help to focus the mind on longer-term goals and aspirations.


Example 2:

Mrs Entrepreneur recently worked out how to generate sufficient income to pass the farm onto her son while feeling confident she will still be able to support herself in later life. She now knows what income she can expect from her state and personal pension and has a plan of action.


If you are reading this and need a quick health check, consider the following:
  • Can you account for all payments made to insurance companies for life cover, pensions and investments?
  • Do you know if these loans are effective, suitable, and fit for purpose? Do you know the benefits that they may/will provide?
  • Have your circumstances changed since these plans were taken out?
  • Have you repaid debt?
  • Have you borrowed more?
  • Have you had children?
  • Have your children since stopped being financially dependent?
  • Have you married or divorced?
  • Has your business structure changed?
  • Has your financial position changed (in terms of income or net wealth)?
  • Are the plans cost effective – could you get a better or more effective deal?

Reviewing financial affairs in both a personal and business context can also help to focus the mind on longer-term goals and aspirations.

If you want to review your finances with an expert, please do get in touch.