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Financial Wellbeing in 2019

Financial Wellbeing in 2019. John Chadwick S & K Berry Associates Ltd, Senior Partner Practice, St. James’s Place Wealth Management.

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Financial Wellbeing in 2019

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  1. Financial Wellbeing in 2019 John Chadwick S & K Berry Associates Ltd, Senior Partner Practice, St. James’s Place Wealth Management The Partner (Practice) represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the title ‘Partner’ are marketing terms used to describe St. James’s Place representatives.

  2. Basic Principles • Income versus Expenditure • Savings, Short, Medium, Long Term • Managing Debt • Making changes and implementing a plan • How we can help

  3. Know your “net” income (after tax/NI and other deductions) • Know how much you spend • Break down spending to essential and non-essential • Always consider whether income or expenditure has potential to change

  4. Decide what is essential and non-essential • Can any savings be made or expense stopped? • Check bank statements for old direct debits which should be cancelled

  5. Potential Areas to make savings • Mortgage Costs • Life Insurance/Protection Costs • Shopping at Supermarket • Utilities – Gas/Electricity • Mobile Phone Deal • Pay TV (Sky/Netflix/BT) • Credit Card Interest/Fees • Car Insurance • Buildings / Contents Insurance

  6. Short Term, emergency fund Medium Term, typically 3 years plus Longer Term – Retirement Save for your Future

  7. Short Term – Emergency Fund • Suggest 3 to 6 months of net income • Allows life to go on • Designed to cover emergency unforeseen circumstances – • Car repairs • Appliance Replacement • Property Damage / Repairs

  8. Medium Term Savings • Funds invested rather than “on deposit” • Unlikely to need early access • Time horizon minimum 3 years • Maybe for a project e.g. house move, wedding, major birthday or event etc. • Commit to saving regularly (monthly direct debit) • Becomes a Habit • Save £100 per month into an ISA, example of what you might get back, with a 5% (Mid Rate) growth rate. These figures are only examples and are not guaranteed - they are not minimum or maximum amounts. What you will get back depends on how your investment grows and on the tax treatment of the investment.  You could get back more or less than this. The favourable tax treatment given to ISAs may be subject to changes in legislation. An investment with St. James’s Place will be directly linked to the funds you select and the value can therefore go down as well as up. You may get back less than you invested. An investment in a Stocks & Shares ISA will not provide the same security of capital associated with a Cash ISA.

  9. Longer Term Savings • Main one is retirement • Work place pension • Other savings vehicles such as ISA • Pensions ring-fenced until age 55 • State Pension will be paid but wait longer for it • £100 per month into a Retirement Plan, based on a 35 year old with a selected retirement age of 65, with a 5% (Mid Rate) growth rate. These figures are only examples and are not guaranteed - they are not minimum or maximum amounts. What you will get back depends on how your investment grows and on the tax treatment of the investment.  You could get back more or less than this. The value of an investment with St. James’s Place may fall as well as rise. You may get back less than the amount invested.

  10. Hints & Tips for a Financially Healthy 2019……and Beyond • Check your payslip – know how much you take home • Check your tax code • Pay Off expensive debt if you can • Use coupons/discounts/reward points/cash back etc. • Use cash for smaller purchases rather than debit cards • Make provision for extra spends on holidays & Christmas • Make saving a firm commitment

  11. We can help you • We are part of St. James’s Place Wealth Management • FTSE 100 company • Holistic Financial Planning • Award Winning Service • St. James’s Place guarantees the suitability of the advice given my members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from companies in the Group. S & K Berry Associates Limited Telephone: 0113 2556437 www.sjpp.co.uk/stuartberry

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