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Case Study - The Married Couple

August 12, 2009 at 9:12 PM

fun.gifThe Scenario:

Bob and Theresa are aged 40 have been married for 15 years and have 2 children at school. They generally spend all of their income and don’t have much left over at the end of each month. They have some small savings and investments but don’t really know what they are worth or where they are invested. They have an interest only mortgage and have not really given much thought as to how they will repay this which worries them and they also have some credit cards they would like to pay off but they just haven’t been able to in recent years. They each have some pension provision but do not have any idea what this will generate in terms of income in retirement. They are really keen not to be working forever as they want to travel the world. Ideally they would like to be able to retire in 20 years when they are aged 60 but they think this is unlikely as their state pension age is currently 65 and they cannot see how they can afford to retire before then.


The Wow Solution

Wow worked with Bob and Theresa to create a personal financial plan, putting them back in control of the finances and their future:

  • We analysed their income and expenditure in detail and worked out exactly where all of their money was going each month
  • We worked together to create a more sustainable monthly budget that would allow them to save an extra £180 per month. 
  • We utilised some of their existing savings to repay all of their credit card debt and this saved them over £75 per month in interest. 
  • We converted their mortgage to a repayment basis so that they knew their loan would be fully repaid by the time they were 60. 
  • We consolidated their pension arrangements onto an investment platform and calculated what kind of income they could currently expect  at age 60. 
  • It wasn’t enough, so we helped them work out what needed to be done to bridge the gap and put a plan in place to regularly review their progress against certain targets. They now know exactly what they need to do to achieve their retirement goals. 
  • Bob and Theresa now have a good chance of being mortgage free and able to retire at or close to age 60 on the income they need to  travel the world.

 

As you can see, financial planning is not about investing money or arranging products – it is primarily about creating a plan to help you be more in control of  your money, and giving you the chance to focus on growing your business.

 

Get in touch to find out more about how we can help



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