It’s always good to get your financial house in order, putting your money to work so it helps you achieve what you want from life. But it could be particularly important with the government’s Autumn Budget approaching this month.

While we don’t know what the government will announce, we do know getting a few important financial planning steps sorted could support your goals for your money, whatever happens.

Two of our colleagues from Coutts – an organisation with over 300 years’ experience managing wealth – discuss these fundamentals in a short video.

We work closely with Coutts when managing your money as they run our customers’ investments, and our Premier financial planning experts follow the same principles they do. So with the Autumn Budget approaching, we thought you might like to hear what they have to say…

If you’re a Premier customer, our specialists could help you get your finances in the best possible shape. Contact us for a free consultation with your Premier Financial Planning team.

Although initial meetings are free, fees can apply for this service. Eligibility criteria apply.

Here are the main financial planning points covered in the above video:

This is about getting a good mix of savings and investments. Savings accounts can give you a fixed, secure return over a set period and can be great for your shorter-term needs.

But it’s also worth considering investing for the longer term, if you haven’t already. General guidance is to invest for at least five years. Consider putting some of your money into a well-managed fund or portfolio and you could see it grow in a meaningful way over time.

There are a range of options to choose from depending on the approach you want to take – whether you’d prefer to be cautious or adventurous. You can even invest for your child’s future with a Junior ISA, which means you can save up to £9,000 for your child in the current tax year and any returns are free of UK income and capital gains tax.

The value of investments can fall as well as rise and you might not get back what you put in. You should continue to hold cash for your short-term needs.

Making sure future generations can benefit from your wealth is often a priority. It could be worth putting a suitable succession plan in place to ensure your money is passed on in the right way for you and your family.

If you haven’t already done it, think about writing a will. Even if you have already done it, make sure it’s up to date. That’s crucial to helping ensure your money is passed on in line with your wishes.

It could be beneficial to do some inheritance tax planning too. For example, if you want to give some of your money to your family before you pass away you might consider doing so through tax-efficient gifts. It could also be worth checking you have a suitable level of life insurance in place.

This mainly concerns your ISA allowance and any pension allowances. You can put up to £20,000 into an ISA this tax year and you don’t pay any UK income tax or capital gains tax on your returns. This is in addition to the £9,000 you can save for your child in a Junior ISA.

Pensions also come with a host of potential tax advantages, depending on your circumstances. They can be one of the most efficient ways to grow your money for later life, so it could be worth seeing what’s available to you there as well.

And if you’re married, you could also check that you and your spouse are making the most of any couple’s allowances available.

Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances. 

Further reading:

• From life insurance to income protection - why preparing for the worst could be crucial
• Are you retirement ready?