Key times to review your finances
19 December 18  /  Insights

It is always important to understand your finances, what’s coming in and what’s going out. However, as we transition through life, we experience some key changes that will naturally affect our finances and perhaps make us take a different financial journey.

That is why, as Lifestyle Financial Planners, we always ensure the personal financial plans we create are adaptive and reactive. Generally, there are six key times to review your finances:

Getting your first job or changing jobs.

It’s your first job, so you probably don’t have many finances to think about. This is the time to set up some financial goals, such as opening a savings account, and getting a better understanding of your spending habits and your new financial responsibilities.

If you’re changing job, are you taking a pay cut which you need to budget for or are you getting a pay rise? How will this affect your pension? Are there benefits like bonuses? Have you considered the tax implications?

What if you lose your job? Will you be able to support yourself until you find a new one?


Suddenly, one set of finances becomes two. Whether you decide to keep them separately or have a joint account, it is important to understand the other’s financial situation and agree on how to pay for joint things such as the mortgage and house bills.

Buying or selling a property

Whether you’re buying your first home or selling your third, it will have an impact on your finances.
Have you thought about a monthly sum leaving your account each month? And interest rates?
Or perhaps you need to consider a mortgage-free life? Read more here.

Becoming a parent

Do you know the true cost of having children? There will be more mouths to feed, more bodies to clothe, perhaps you want to send your children to private school and university, or you want to set up a savings account, or you want to help pay for their first home or their wedding. The list is endless. Find out more about financially preparing for having children here.


Whilst considering your own death is morbid, you want to consider what will happen to your estate when you are no longer here, you want to have a Will in place that expresses your wishes. Find out more about the need to write a Will sooner rather than later.

Family members and friends passing away may also impact your finances. Maybe they have left you a gift? Or you have received your inheritance? Read more about paying less inheritance tax here.


Your financial priorities change in retirement. Is there something you have been saving to do now that you have the time? Do you think you have enough to live your desired lifestyle in retirement? Will you downsize your house or sell your business? Will you need to consider long-term care?

There are lots of things in life we have no control over. As Lifestyle Financial Planners, we understand this and can help ensure you are financially prepared for when these things happen.

Read more about being emotionally and financially prepared for life’s transitions here.

We can show you the impact of ‘what if’ scenarios on your Lifestyle Financial Plan. In this way, we can help you prepare for such eventualities rather than having to repair later on.

Speak to us today if you have any concerns about your finances or to get started on creating your own Lifestyle Financial Plan. Call 01865 208012 or click here to request a callback.