Trawling through the financial minefield

So now that the budget has been revealed, many are wondering what to do with their finances. The list of changes to pensions, tax credits, housing benefits, and capital gains tax (CGT) is a minefield. So how do you sort through it all?

CNBC asked a managing director at Evolve what he would suggest. The answer? Nothing. Not unless you already have a strategic financial plan in place.

Antony Williams says people shouldn't look at the budget and then make tactical financial decisions unless they already have a solid investment plan. Once that plan is in place and goals have been identified, only then can you be confident that you're likely to make the right decisions.

Antony compares the importance of having a financial plan to a journey. He says if you don't know where you're travelling to, then it's impossible to make a decision about whether to turn left or right at a junction.

So how do you put this elusive plan in place?

Antony suggests:

Know and quantify your goals; understand where you are and where you need to get financially. Know and record your circumstances. Understand whether you can achieve your goals and objectives. Document a strategy by creating a financial plan. Stress test the impact of changes to tax or investments on your financial plan.

Then and only then, can you make changes to your financial plan that reflect external factors such as tax changes or volatility in the stock market.

Finally, Antony reminds us that money doesn't have a value unless you know what you're going to do with it and it is always a balance between spending now and spending later.

About Antony Williams
Antony founded Evolve in November 2004, to provide high quality financial and investment planning for people who are committed to making the most of their money and making the most of life. In September 2006, he was named Best IFA Newcomer of the Year in an independently judged annual awards ceremony.

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