Do you remember the good old days, when you could buy a whole bag of sweets for less than 10p? Yet now, a pic ‘n’ mix in the cinema is nearly as much as the ticket to see the film! Why? The simple explanation is inflation.  

Over the years, our favourite penny sweets have disappeared, replaced by something that looks half the size for more than twice the price.

If you are of that age, now is the perfect time to start considering how the anticipated rise in inflation is likely to impact your family, job, and spending patterns.

And it’s also the perfect time to review your financial situation, to make sure your financial planning remains on track – for now and in years to come.  

Here, we are going to look at inflation in easy-to-understand terms, and how we can help you prepare for what is anticipated.

You’ve spent your working life planning for your future. You’ve carefully considered your retirement. But what about your ‘estate’ and financial security for your beneficiaries after you have passed away? Our Independent Financial Advisers here at Simpson Financial Services will give you peace of mind that your loved ones need not lose out under the financial burden of Inheritance Tax.

We will work with you, so you could enjoy the fruits of your labour with your loved ones. But also ensure that your financial planning leaves them in the best possible place to avoid huge tax payments and maximise the benefits of their inheritance.

2020 brought us many challenges. Working from home. An upsurge in baking sourdough bread at home, of all things. Along with many other new opportunities. And, although possibly unsurprisingly, there is now talk of a Baby Boom in 2021. But with this comes the question as to how many families are ready for this lifestyle change. If you are joining this anticipated baby Boom, have you started to consider financial planning for maternity leave?

Do you know the costs of parenthood? What does maternity leave mean to you? Have you thought about your options, and how it will leave you financially as a family?

This blog explains the key factors around maternity leave, maternity pay and how our financial planning experts can make sure you are in a financially stable position ahead of time. Afterall, this should be a positive, happy time for you and your family, so financial preparation every step of the way will make your pregnancy and parenthood so much more enjoyable.

Are you are totally settled and happy in your current family home but could do with a little more space? Or have you have spent so much time at home recently you can see how your home could do with updating with a refurbishment. Maybe you think downsizing is your only option if you are struggling with monthly outgoings.  Or, as is the case for many of our clients, have you have managed to increase your savings during the pandemic? Whatever your current circumstances, now might be the ideal time to review your finances and consider re-mortgaging your home.

We would love to help you find the right option.

The pandemic has created challenges that the country has never experienced. You might think that re-mortgaging is out of the equation for you. Especially if you have been impacted by job risk or furlough.  

Are you feeling stuck in a rut in the corporate world, or worried about your job? Have you been made redundant?  Or, has your furlough made you think about things very differently? Do you have some amazing ideas, but are unsure how to make your dream a reality? Are you ready think about setting up on your own? If the answer to these questions is “yes” then this blog may help you prepare to step out of your comfort zone, get all your ducks in a row, and set you on your way to starting a new business!

If you are confident in your “why” and you have the passion and resilience to get back up after any setbacks; you have the financial backing in place; and the support of those around you; then you are at least part way there.

But even if you are only starting to consider a new venture at this stage, whilst it may be a huge step, it need not be too overwhelming with the right guidance.

The past 12 months has probably impacted your business in one way or another. Especially if you have had an exit strategy in place for some time or are just starting to consider leaving your business.

So how do you know when the time is right, and that you have everything in place to ensure a successful sale to prospective new owners, and a comfortable life for you and your family?

When you started out in business, planning an exit strategy may not have been high on your agenda. Hours, days, and weeks of consistent hard work have gone into your business, sometimes only able to see as far ahead as the next month-end or maybe even weekend! Certainly, no thoughts to the distant future.

With 2020 having been so unstable and challenging, making resolutions for 2021 might seem a little over optimistic. But if you have managed to get through the year of the Pandemic unscathed and are already deciding how you can improve in 2021 in other ways, then perhaps New Year financial planning might not be such a bad thing to add into the equation.

Here are a few of suggestions which might mean you can end 2021 in a better financial position than you are starting:

We all know that 2020 has been a year of constant change and uncertainty. But the year is nearly over. And one thing we all want to do is enjoy ourselves this Christmas time!  But we all also need to consider how to avoid getting into debt this Christmas.

It is possible that it is going to be more of a financial struggle than usual for some this year. With furloughs, job losses, reduced hours and added pressure all around, we are, sadly, likely to see more people getting into debt and struggling to recover in 2021.

  • Buying your first home is an exciting and a huge step. It is also one of the most important things you will ever do.

You may be in a position where you have been saving every penny possible; know exactly how much you can afford; and have even seen the property you would love to make your home.  

If so, congratulations! You are ready to take the leap onto the property ladder and apply for your first mortgage.  

But, if you are one of many thousands who seem to be spending all of your wages on rent, utilities, food and household bills, without having any spare savings, buying your first home may feel completely out of the equation.

There are several ways you can start to plan efficiently, and we may be able to help you.

Reduce, reuse, recycle. We are all conscious of playing our day-to-day part to help the environment but is there more we could be doing? According to UK Government National Statistics, residential properties account for 15% of the UK’s climate emissions, so having an energy efficient home has a huge impact in lowering our carbon footprint.

Recognising this, NatWest are now offering a Green Mortgage Product to reward customers whose homes have a high Energy Performance Rating, with preferential mortgage rates on a two-year or five-year fix.

One of the questions we hear most is 'why do I need a will?'

You might have briefly thought about it at some point, but just never got round to it.   

You might even think you have nothing to leave, so what is the point?  Or, like you have no one to leave anything to?

It is way too early to even start considering it, right?

Or, because you have been living with your partner for years, everything you have will surely be passed to them?

We have heard all these reasons for not writing a Will, so you’re not on your own! In fact, an estimated 27 million adults in England and Wales do not have a Will in place.

But if you look at it from another point of view, it might make you think again.

Your loved ones will have enough to deal with when you die. Do you really want to make it even tougher for them, just because you did not prepare?

No, of course you don’t.

With our explanation, you will see that writing a Will isn’t as difficult as you might think. And it really is important that you consider it as early as possible, so that nothing interferes with your future planning. From your home and finances through to your loved ones, children and even pets, you can get on with the rest of your life, knowing it’s all sorted, and everything will happen as you wish.

Just started at College or University? It is a whole new way of life, a whole new way of learning, and sadly and inevitably, a shock to the system when it comes to managing your money! Indeed, 71% of students who completed Save the Student'sNational Student Money Survey (NSMS 2020), commented they wish they’d had better financial education before starting College or Uni so that they could at least try to avoid student debt.

Budgeting doesn’t sound like the most enthralling subject to learn at school, or conversation to have around the dinner table. But, if we did, life might be different and so much easier for the students who had been taught how to avoid debt during the first years of independence.

With more retirement options than ever before, we explore the key differences between annuities and drawdown products while helping you choose the winning option for you.

Whether you’re flirting with retirement or are a fresh whippersnapper with the whole world at your feet, weighing up your pension options in advance is a smart move.

Two of the best ways to make your hard-earned retirement savings go further is to purchase an annuity or a flexi-access drawdown. The question is: which one is right for you?

In this blog, we explore the differences between the two products and offer valuable tips to ensure you don’t gamble away your pension pot.

Simple money-saving tips to ensure you enjoy a stress-free retirement and can experience the finer things during your later years.

Retiring stress-free sounds like a pipedream to most, especially in this current economic climate. The thought of pouring your hard-earned cash into a retirement fund for an old crinkly version of yourself, instead of living lavishly while you’re young is hard to justify.

However, retirement savings don’t have to be a drab affair and a killer to your social life. The key to success is thinking smarter and making your money stretch further.

So, if you want to enjoy a great lifestyle now and still be able to swan around Waitrose in your golden years, we suggest you put a few of these retirement saving tips into practice.

Coronavirus has caused disruption to all industries across the UK and non must be suffering more sleepless nights than business owners, large or small.  However, the government has launched a range of temporary measures to help ease your concerns and support your business throughout this uncertain time. Ensuring you are getting the right financial support and taking full advantage of any funding or assistance on offer could really help businesses get through this unprecedented time.