By Grant Seaton, Cumberland Building Society

Last updated at 16:03, Monday, 13 August 2012

In the current climate, saving and planning for the future may not be top of the ‘things to do’ list, but the one thing you can be sure of is that the future is going to happen. This is why it is important to ensure you are fully prepared, financially, for life’s eventualities and uncertainties.

• Visit the Cumberland Building Society website

Personal circumstances are always changing. You may have bought a bigger house, changed jobs, had children, or just generally have more financial commitments, and it is important to schedule a regular financial review to ensure that you have considered the effect of these changes.

By carefully and comprehensively planning for your financial future, you can help to protect yourself and your family against both foreseen and unforeseen events. Having your finances in order is just one way that you can move toward your ideal lifestyle. Maybe your goal is purchasing the home of your dreams or going into business for yourself. An active and independent retirement is also a goal as many people no longer feel confident that they will be able to rely on their pensions after they have retired.

Most goals take more planning than just a savings account and good intentions. Financial planning involves long term strategic management... but it is worth it.

If you already have savings, it is important to review your accounts to check that your money is working as hard as it should be. If you have moved money to an account which includes a bonus rate, make a note to review the account when the bonus period comes to an end.

It is particularly difficult to think about life’s downs such as critical illness or death, but it is also important to ensure your finances are secure if the worst should happen.

Although you may have taken out some form of mortgage cover when you bought your home, this may not be sufficient to provide for your family. If your partner died, consider whether you would need to give up work to look after the children. If so, you may need to take out additional life insurance on your partner, regardless of whether they work.

The right protection plan could also be used to cover an inheritance tax bill to ensure the people you leave behind are not left with your financial commitments.

Above all, don’t wait until you have a problem. Make time to review your finances at least once a year and plan ahead to ensure a healthy financial future.

Call into your local Cumberland branch, call 0845 601 8396 or visit www.cumberland.co.uk to make an appointment with a financial planning consultant.

• This article should not be relied upon when making investment decisions. Any financial advice will relate only to the products and services of the Society and Aviva.

First published at 14:10, Friday, 03 August 2012
Published by http://www.cumberlandnews.co.uk