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With the recent rise in the cost of living, many of us are feeling it in our pockets; from soaring energy bills to increases in our weekly food shop. It all takes its toll and before long, we are in a constant cycle of planning month to month, rather than providing for our long-term financial future.
That’s where a financial review comes in to do the heavy lifting. AIB offers a free financial planning service, where customers can have a one-to-one chat with an expert to take stock of where they are now, where they’d like to be in the future, and the steps they can take in between to reach those goals.
Whether your priority is planning for children, retirement, savings or investments, they can help you make smarter choices and empower you with the knowledge you need to take back control and reach your financial goals.
So what exactly is a financial review? We ask an AIB expert to explain further, including five reasons why a review is beneficial to both your short and long-term financial security.
A financial review is for anyone looking to understand their financial future, regardless of their income, so there’s no reason to feel intimidated. A great resource to turn to is an AIB Financial Advisor – they’ve supported tens of thousands of customers, at various stages in their life and career.
While a financial review does look at your household income and outgoings, the real focus is on how a range of factors are shaping your savings, retirement and the way you’re insured. It’s important to know that a financial review isn’t about budgeting, so they won’t tell you how to spend your money, but they can offer medium to long-term financial guidance.
In order to get ahead and plan for the future, it’s crucial to know where you are at. A financial review will help identify where you’re on track, so you can be more confident about your finances. They say knowledge is power for a reason and this review can also help to identify ways to improve your financial health by protecting your family, covering your income or making sure you’re ready for life after work.
Your household income is one of your biggest assets, so protecting that is the first step. An advisor can support you with other financial goals too, to help ensure you have enough money for the big life events, including when you retire, and put measures in place to support and protect the people you love.
Once you have your plan, it’s a great opportunity to talk to your advisor about closing any gaps you might have, by taking out a new insurance product, investment policy or pension arrangement, for example. Make sure you have all the information you need to make an informed decision. Take things one step at a time, depending on what you can afford.
Life happens and things can change so it’s important to review your finances regularly. This is particularly important if your circumstances change, like if you have a baby or have to move house. Financial planning is not a one-off and your advisory should be able to support you long-term, through all of life’s big moments.
To book a chat with an AIB advisor to get real guidance on how to use savings, pensions, and investments to build your financial future, simply visit aib.ie/make-a-plan. You can meet an AIB advisor in an AIB Branch or through a video call, the choice is yours.
Allied Irish Banks, p.l.c. is tied to AIB life for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Saol Assurance d.a.c., trading as AIB life is regulated by the Central Bank of Ireland