FINANCIAL PLANNING

Starting over after a turbulent period in your life is not easy. You may have chosen the road you are on or, it may have been forced upon you. We are talking about financial planning as it’s something many people see as complicated when they are already going through a turbulent time in their life. Their mental bandwidth can’t take this added complication and often, finances are left neglected.

Whatever happened, the past is the past and eventually you have to pick yourself up, dust yourself down and move on. You have to open your eyes and be conscious that you are alive; take your head out of the sand.

Picking up the pieces is key. You have to take what’s left, even if it’s very little and rebuild what you can and financial planning is key. You may have nothing so, what then? Speak to an expert and come up with a plan. There is always something you can do; no one is saying it will be easy.

What is financial planning?

You may have come out of a divorce with a settlement or a house, or you may have left with nothing. Look at what you do have and make it work for you. If you have come out with something substantial it is worth speaking to a financial advisor to see how you can best nurture it. You have to consider the future and look after what you have, ensuring that you don’t lose the lot! 

It could be that you have a small pension and are young enough to move the funds into riskier but larger paying investments as time is on your side. A financial advisor will explain all the possible scenarios.

An expert will lay everything out on the table. They will look at what you earn, any assets, your age, earning potential and any pensions. They will offer professional guidance and together you will come up with a financial plan.

There may be children to consider and the possibility of university fees in the future. If you ended your relationship holding the short straw and have come away with nothing, all is not lost. You may be worried about how you are ever going to start again. There are always opportunities of one kind or another and you just have to find them within yourself.

A few sessions with a Life Coach will put you in the right frame of mind to look at the positives. You are not the only one who had nothing and there are plenty of people who started with zero and built up from that.

So, you think there is no future?

If you work, how can you maximise your income? Could you ask your employer for training and up your game at work? Get a promotion? Could do something at weekends to earn some extra cash. You may have to be “all hands to the pumps” for a while to set yourself on the straight and narrow financially, but it will be all worthwhile. Again, it is worth speaking to a financial advisor about the possibilities available to you. There are also career coaches out there who can help you to realise your potential and income growth! Financial planning needs to be a box you tick.

You may need some life insurance to protect your children in the event of your death or you may wish to protect your income if you suffered a critical illness. There are many possibilities to explore and you can take what you earn along with what you may have in the bank and make the best of the situation. Many people have company pensions which lay dormant, these can be revived and made to work again. Everyone’s situation differs.

You will be dealing with similar issues if your partner has died. You have to look at the “pot” available to you and get it working to its maximum potential, taking into account the possible future scenarios. A one to one consultation with a financial advisor will help you to put things into some kind of order. If you haven’t dealt with money matters before, they will explain what everything means as you go along. You may find that your partner had shares which mean nothing to you. Get all the paperwork together ready for an advisor to look through and make sense of. 

Dealing with finances can seem scary and complicated

Yes, if you have never been the one to deal with the finances, it can all seem a very daunting and complicated. However, a good financial advisor will put everything into plain English and explain so you understand. There is no point shying away from financial planning because it seems “scary” – you have to take the bull by the horns and face up to it. You will feel uplifted when you realise that things are no so complicated afterall.

Whether you have money or not, what you are striving for is probably financial stability and a new life. Whether you are buying a home or renting, things have changed. Many people are opting to rent these days, so don’t think you are a failure if you don’t own your own home.  Who knows what the future holds? Life is full of surprises. You don’t know if you will meet a new partner, or win the lottery. Live in the now, but plan for the future.

Let’s talk about Wills

In any situation where you had a joint will and are no longer with that person, you must have a new one drawn-up. In divorce, when the Decree Absolute is issued, any will becomes null and void. Many people forget this when the drama of the divorce is finally over. You can instruct a will writing professional or a solicitor. In the event of your death, your ex could still end up benefitting! Rewriting your will is very much part of financial planning and advice.

Contact a legal expert from The Hug Directory for advice.

Mental wellbeing

You may have come out of an abusive situation or be grieving the loss of a partner; the fact remains that at some point you have to start moving forward. It will be a struggle, but you can’t live in the past. Life will be different but it doesn’t have to be negative. In many cases men and women speak about coming through the other side of these horrific life events as stronger people. Life can be exciting again and there can be a happy ever after if you really want it. Take what you can from the experience; learn from it.

It’s not always easy to stay positive, so do ask family and friends for support. They will be proud of you when you tell them you are ready to move on with your life and have a fresh start. Be honest about your feelings and if you are having a down day, talk about it. You may find that receiving some counselling or coaching can really benefit you as you search for your life goals.

By taking tiny steps you can get to where you want to be. Set yourself realistic targets. Maybe you want to lose weight or get fit. Perhaps you are ready to re-train and start a new career. Just think of it as an exciting new chapter in your life; your mental health will love these positive vibes too.

Where can you find support?

Try and draw a mental line under the past (and it may have been a very happy past with a partner you loved very much). Turn the page and start again. Believe in yourself and your inner strength.

There is support available for any struggle you may be facing; self-help books, inspirational bloggers or face to face advice.

Getting your finances in order will really help you to focus. There are many people who can help you, from will experts and solicitors to financial planners, financial advisors and wealth managers.

Put together a to-do list and add financial planning to it today!