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This week is @CISI's #FinancialPlanningWeek2020 
Whether you lack financial confidence or are worried about the impact of #coronavirus, here are 7 steps you can take to help manage your money better and look after your future wellbeing
Whether you lack financial confidence or are worried about the impact of #coronavirus, here are 7 steps you can take to help manage your money better and look after your future wellbeing
1. Imagine the future you want 
Get clear on this picture. A spending plan will let you identify where your money currently goes, helping you identify the cash you might divert to meet your short, medium and longer-term goals
Get clear on this picture. A spending plan will let you identify where your money currently goes, helping you identify the cash you might divert to meet your short, medium and longer-term goals
2. Pay off "bad debt" and build your "cushion" 
Bad debt means credit cards and unsecured loans. Allocate cash from your spending plan to repay this as a priority. Once done, use the same monthly allocation to build your cash cushion, which is there for any unforeseen events
Bad debt means credit cards and unsecured loans. Allocate cash from your spending plan to repay this as a priority. Once done, use the same monthly allocation to build your cash cushion, which is there for any unforeseen events
3. Make sure you write a will 
If you die without a will, the rules of intestacy decide who will inherit your money and possessions. A simple, inexpensive will allows you to decide to whom you leave your worldly goods. You should also arrange a lasting power of attorney
If you die without a will, the rules of intestacy decide who will inherit your money and possessions. A simple, inexpensive will allows you to decide to whom you leave your worldly goods. You should also arrange a lasting power of attorney
4. Join your employer's workplace pension 
You should have been auto-enrolled into your employer's workplace pension - do not opt out. It's highly likely you will need to pay more than your minimum contribution into your pension to achieve your desired life
You should have been auto-enrolled into your employer's workplace pension - do not opt out. It's highly likely you will need to pay more than your minimum contribution into your pension to achieve your desired life
5. Start as soon as possible 
Procrastination is a thief of not just your time but your money. Nudge your monthly savings up each time you get a salary increase, by at least the percentage increase in your earnings
Procrastination is a thief of not just your time but your money. Nudge your monthly savings up each time you get a salary increase, by at least the percentage increase in your earnings
6. Use tax breaks to increase savings 
A tax-efficient investment "wrapper" improves your returns by releasing you from having to pay income tax or capital gains tax, and sometimes both, on the growth in your investments. A pension is a tax wrapper, as is an ISA
A tax-efficient investment "wrapper" improves your returns by releasing you from having to pay income tax or capital gains tax, and sometimes both, on the growth in your investments. A pension is a tax wrapper, as is an ISA
7. Protect your loved ones - and yourself 
Income protection is important for single people who have no one else to pay the bills if they cannot work. Income protection and life insurance are important for those with partners, with children or with debt
Income protection is important for single people who have no one else to pay the bills if they cannot work. Income protection and life insurance are important for those with partners, with children or with debt
For more tips - as well as details on @CISI's free sessions with a financial planner - check out our guide: https://www.thetimes.co.uk/money-mentor/article/tips-manage-money-wellbeing/