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My money fact find Date: ………………..… A money fact find is essential preparation for making a savings and investing plan that suits you and your goals. The here and now Me Age, family situation, financial dependence, residence and domicile. Budget Monthly income £ Use our Budget planner. Monthly outgoings £ Difference +ve/-ve £ Assets Record what cash you keep on hand for emergencies. We suggest enough for three months essential household outgoings. Read our guide to find out more. Then list your property, possessions, existing savings, investments, pension and life insurance, and what returns they pay if any. Liabilities List the value of what you currently owe to others: mortgage, personal loans, credit card balances and any future financial responsibilities like commitments to children or other dependants that are not covered in your regular budget. Planned spending Do you have any planned major expenditure in the near future (conservatory, upgrade of car, sabbatical or extended holiday etc). Earning capacity Record your current occupation status and what you think your occupational salary and pension prospects are likely to be in the years ahead. Asset Cash Value Interest rate and monthly return Amount Interest rate and monthly cost £ £ £ Liability £ £ £ Tax status What rate of income tax do you pay? What allowances are you using? Health Note any known issues that may have some impact on your income or expenditure. Inheritance and wills Record the terms of any wills or trusts that you expect to benefit from, and the terms of your own will and what you would like to leave). Date I made a will – Where it is stored – Looking ahead Goals and aspirations Name your goals – such as study, children, home move, career changes, retirement, travel etc. If you have several, which are the priorities? What dates/timings are important for you to have sums of money available? Do you need to achieve a minimum lump sum or income as an absolute must? If so, how much is that and how often/when? If your goal is to produce income, how much do you need after tax and how frequently? Use our guide to calculate costs and dates. Changes to circumstances Things on the horizon that have money implications – relatives going into care, children needing further support, changes at work etc. Is your tax status likely to change in the near future (for example if you plan to move abroad or stop work)? What do you think will happen to interest rates? Would this this affect your needs? Goal Sum £ By when Know yourself Reflection on past experience What types of products have you had – shares, unit trusts, endowment policies etc. What were your aims and what was your experience? What ups and downs in value did you encounter and how did you feel about it? Have you sold early or cashed in/transferred an investment policy or plan? Why and how much did it cost you in penalties? How hands on are you? Do you like to manage investments yourself or would you prefer to pay someone else to do it for you? How much are you willing to pay? Risk attitude and capacity for loss Risk appetite is not just about how comfortable you are with risk , but also about how much you can afford to lose, and how much recovery time you have if values fall. This means that risk appetite is usually different for different goals. If a goal requires a certain sum by a critical date you may have little appetite for risk, but for a less critical goal you may be willing to accept the ups and downs of the market for higher potential gains. Note your risk appetite in relation to your various goals and take account of it when you make your investment plan. If you want to think more about risk read our guide. Examples Mortgage paid by the time I stop work Risk appetite: Low 1 2 3 4 5 6 7 High Travelling round the world fund Risk appetite: Low 1 2 3 4 5 6 7 High Goal: Risk appetite: Low 1 2 3 4 5 6 7 High Goal: Risk appetite: Low 1 2 3 4 5 6 7 High Goal: Risk appetite: Low 1 2 3 4 5 6 7 High Are you more of a saver or a spender? If you know that you find it difficult to stick to savings commitments you might want to choose products that create regular savings habits, or that make your savings hard to access until your goal date. Ethical concerns Do you have investment concerns on a moral or religious basis that will affect your choices? Your saving and investing potential How much money do you have available? Do you have lumps sums to invest – how much? Are you looking for regular savings and investing plans – how much can you regularly pay in? Do you foresee your spending patterns changing in the next few years? Is there a likelihood of further money available in the future? Affordability THINK – is your budget realistic or are you overstretching? Is there likely to be pressure on your budget in the future? Could you increase savings or investment if things ease off financially as children leave home, a mortgage is repaid, or you receive an inheritance? Now you have completed your fact find you are ready to make a saving and investing plan yourself or in consultation with an independent financial adviser. Read our guides: Making a savings and investing plan Do I need further advice?