Hartlepool-born Harrison Smith is a financial adviser based in his hometown’s Greenbank business centre and is associated with Emerald Associates. Harrison offers an insight into money matters in an exclusive monthly column for North East Connected.
Here we are, at the half-way point of the year, and a fitting time to look back on what has been achieved so far.
Not sure about anyone else reading this column, but as an avid sports fan 2024 certainly got a whole lot better when England reached the final of the Euros. The economy is said to have had a huge boost from what fans have been spending across the country over the last month, even if everyone’s pockets are a bit lighter.
And we all have the lasting memories of some incredible nights – I just wish I’d gone to Germany myself.
But with August approaching, and the Euros over, it’s a nice time to take stock of how things have been shaping up for you in the first six months of the year.
To achieve any kind of plan takes a huge degree of retrospective thinking, examining where you started out and comparing that to where you are now.
Reflection is important to move forward.
That might not necessarily be financially based, but there will have been plenty of people who set out to get fitter at the start of the year; to eat less crisps; to quit smoking or drink less alcohol.
One of my own personal goals was to get fitter and because of that I signed up for the Great North Run in September – and I will be raising money for Mind mental health charity.
That target gave me a reason to go out and do something. I have gone from running 0km a week to now doing 20-25km over a seven-day period. That has had a hugely positive impact on my own physical and mental health wellbeing.
We all start the year with such lofty ambitions. Plenty of those good intentions will be in the rear-view mirror by now.
What I’d like to think is that many of you will have taken greater control over your finances. That’s what I suggested in January.
For regular observers of this column, hopefully you have picked up some helpful hints and tips along the way.
I’d love to think that this was the year when you started to think more seriously about making changes to make your life more financially comfortable.
Remember it was pointed out at the start of the year, according to SJP Financial Health Index in 2022, only 39 per cent of people across the UK believe they are financially comfortable. That figure can improve.
You need to create goals to have a reason for following up on the intentions you have.
It could be you want you and your family to go to Disneyland in three years’ time or a retirement age target. It could be that you are planning to put your children through university or help them with a wedding.
A plan of any description must have an end goal. Financial planning is no different.
If you put money away because you want to retire at some stage, without thinking of when you are going to retire or how much, then you are almost wasting your time. You haven’t been actively planning and tracking what you want to achieve.
Since January I’d like to think that some of you will have thought about retirement, set a specific age, set a level of income you quite like for retirement, and start to explore the necessary next steps to achieve those ambitions.
You will not be ready to retire overnight, it is a process. Hopefully, over the last six months, you have found some clarity and peace of mind or the direction you are heading.
Otherwise, that dark cloud could still be hanging over you, wondering how much you can afford to commit to a financial plan.
You do have to keep reviewing. What you wanted to achieve six months ago might not be what you want to achieve now. After six more months of hard work, you might think you want to retire earlier.
The process needs to evolve. There are so many unknowns and caveats that need to be explored and defined. This is where professional advice can take that weight off your shoulders and deliver clarity on your behalf.
*For further information or to book an appointment with Harrison check out his adviser hub https://linktr.ee/harrisonsmithea