UK Economic Review: Resilient Growth Amid Persistent Cost...
The UK economy delivered a positive surprise in Q2, with GDP growing 0.4% between April and June — ahead of economist…
More income, but still unsure?
"I earn well, so why do I still feel uncertain about my finances?"
A promotion, a pay rise or extra work can make a real difference. Yet a higher income does not settle the questions that matter most:
- Am I saving enough?
- Could I afford to work less?
- What would happen if my income stopped?
- Am I making sound decisions for my family?
As earnings rise, commitments tend to follow. A larger mortgage, childcare, help for relatives and day-to-day spending can absorb much of the increase. You can earn more and still have little extra room to manoeuvre.
There is also a gap between money coming in and knowing what it is for. Savings may be scattered across several accounts. Pensions may sit untouched in the background. Investments may have been chosen years ago, with no clear purpose.
None of this means you have been careless. It simply means your finances may deserve the same care and attention you have given your career.
A good place to begin is with asking yourself:
- How much of my income is becoming savings or long-term wealth?
- How much could I reach quickly if something unexpected happened?
- What am I working towards, and how far along am I?
- What would I like my income to make possible, beyond paying the bills?
In my approach to financial planning, the aim is not to accumulate more for its own sake. It is to help you see how what you earn can support the life you want.
Are you managing your money in a way that improves your life?
Do you know if you have enough? Is your wealth working as hard as it should? Is your pension…
What is happening in UK property right now
Some interesting movement in the property market worth flagging this month. Commercial investment is ticking up —…