Autumn: a time of change and preparation

As the darker evenings and colder days of autumn approach, our thoughts often turn to hunkering down and preparing for the winter months.

A season traditionally associated with change, preservation and preparation, autumn is a perfect time to get your finances organised before the rush of the festive season and the New Year.

Getting prepared

Autumn is an excellent time to get things done for many reasons, but it is a particularly good time to take stock of our finances. October marks the halfway point of the 2021-22 tax year, making it the perfect time to review your ISA and JISA contributions thus far, in addition to any other tax-related issues. Also take a look at your pension arrangements and check you are adequately protected against any potential financial shocks.

Don’t put it off!

It’s easy to talk about the importance of keeping on top of our finances and then put the task on the back burner. A recent poll1 discovered that Britain is a nation of procrastinators, with 84% of respondents admitting they put off important tasks by either doing nothing, or doing something more enjoyable or completely unrelated, while one fifth procrastinate every single day!

Facing your finances

However, the best way to keep on top of your finances is to deal with them even before you ‘need’ to – especially when it comes to your pension. Shockingly, research2 has found that almost as many people (34%) know the value of their wardrobe contents as those who know the value of their pension pots (38%)! Meanwhile, far more people know the value of their house (58%), their car (55%) and their television (63%).

Clearly, it is in our nature to procrastinate. However, many of us do get stressed when we’re not on top of things. Remember, you don’t have to do it alone – we can help you face your finances and get some of those important jobs ticked off sooner rather than later.

1Micro Biz Mag, 2021

2Aviva, 2021

The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.