This article was originally published on Juno Wealth’s website. Juno Wealth was acquired by Progeny in February 2019.

Financial planning can help make improvements to your personal circumstances. We mentioned this previously:

In August this year, we highlighted an independent survey which revealed you are significantly more likely to save more and accumulate more overall if you take regular financial advice. And earlier this year we reported on a survey by Old Mutual Wealth, which found that overall, you’re likely to have 41% more retirement income if you seek regular financial advice.

Let us explain how financial planning can help improve your health

Not well? Financial planning can help

Earlier this year, one of our regular clients came to see us for his annual review. His portfolio had performed well over the previous year but his health hadn’t.

Some months before, he had received a serious and potentially life-threatening diagnosis. It’s what we all dread and plans for travel and a home extension were instantly put on hold pending treatment.

The trouble was, our client was being treated by the NHS, an institution that we all know is under a huge amount of strain. For him, unfortunately that meant that planned treatments and appointments got cancelled and delayed and some months after his initial diagnosis, circumstances were clearly taking their toll on our client and his wife. To make things worse, he wasn’t sleeping because of his concerns.

When they came to see us, we were worried. The strain of the failure to get treatment was visible. As a couple, their lives were still on hold and it felt like they were facing a bleak future.

So how could we help with our client’s health?

Our role at Juno Wealth as your financial planner is not just about urging you to squirrel your assets and income away.

At first of course, our job is to help you clearly identify the future you want. That’s your financial future but also involves identifying your aspirations, dreams and desired lifestyle.

Once we’ve done that, we help you organise your assets and income in a way that will ensure you achieve your objectives and goals. And of course, we keep everything under review to ensure your finances stay on track, adjusting and tweaking if and when necessary in order to do so. So far so good.

But sometimes you can afford and should spend a little more

Another, equally important part of what we do, is to help you make important financial decisions. Can you afford an extension, a once in a lifetime holiday or a new car every year? But it’s not just those big or possibly extravagant decisions we help with.

Affording private health care

Going privately for health treatment can and often does feel very daunting, especially post retirement. The fear of running out of money when you hope to have many years ahead, can be powerful.

We know, from speaking with many clients over the years, that there’s a real fear that a substantial private health bill could destabilise your long and short term financial situation. After all, it’s likely to be thousands of pounds that you simply hadn’t budgeted for.

But that’s where you’re wrong

Firstly, because when we plan your financial future we can and do build in a buffer so that should unexpected expenditure arise, it’s not a problem.

Secondly however, we can also carry out very detailed cash flow analysis which means we can tell you the financial impact of an expense and whether or not you can afford it.

So, getting back to our client

When we looked at our client’s cash flow plan and investment portfolio, it was clear that he could afford to have private treatment without it jeopardising his long or short term financial plans and needs.

In fact, we urged him to do so. After all, life is short, and there is no point making significant financial savings if you are then not in good enough health to reap the benefits.

A positive ending

We’re delighted to report that our client followed our advice and having gone privately, quickly received the treatment he so badly needed. Roll forward just a few months and the picture is bright.

Our client looks well, the treatment was a success and he and his wife’s plans are back on track. They’ve reclaimed a great quality of life.

Sound financial planning can help

At Juno Wealth, we try and keep a happy balance. Of course, there may be times when you need to save or cut back. But equally there are times when you can and should spend a little more. Your finances should after all, enable you to do the things that matter, not prevent you from doing them.

The combination of sound financial planning, sophisticated cash flow software and a big dose of human intervention and advice, means our clients can often spend a little more when they want or need to and still sleep well at night.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

Tracey Evans

Associate Director, Wealth

Tracey is passionate about helping clients to see their ‘big picture’ and has been doing so for nearly 30 years.

Learn more about Tracey Evans