How to create a financial plan

From deciding how much you can save, to thinking about your retirement, the financial plans you make today could help define what your life looks like in the future.

 

Build a plan that works for you

Take control of your money and plan for the future with confidence.

Whether you’re saving for a big goal, investing for growth, or planning for later life, we’ll help you create a plan that fits your needs.

Explore tools, tips and guidance to make your money work harder.

5 steps to building a plan

Look at your current finances

Make a list of your current savings, investments, salary and debts. Be sure to include any regular payments you may have as this will help you see if you can set aside any money for the future.

Create a budget and set your goals

Use the 50 30 20 rule to create your budget, adjusting it to suit your own situation. It’s also worth thinking about an emergency fund. Unexpected costs do arise from time to time, and having a little money set aside can give you useful breathing room.

Our savings calculator can help you work out how much time and money you’ll need to reach your goals. Whether that’s buying your first home, going on a dream holiday or thinking about retirement. Reviewing your budget every few months can also help you stay on track and adapt as life changes.

Consider the risk

A key part of your financial plan is figuring out where to put your money and whether to save or invest.

Savings can be safer and easier to get to when you need them. Investments could give you better returns than savings. Understand investment risks and work out what you are more comfortable with.

Make the plan

A good financial plan should consider everyday spending, savings, investments, pension contributions and any mortgage or rent payments you have.

Keeping an eye on your credit history can also help, as it may affect your credit score and your ability to borrow money in the future.

Review and repeat

A financial plan works best when it evolves with you. If things change, maybe a new job, a shift in priorities or an unexpected cost - it can help to check in and make sure your plan still feels right for you.

Use the inflation calculator to understand how inflation could impact your financial plan.

Inflation calculator

Further Support

Financial wellbeing

Whether its key life events, health challenges or money worries, we’re here to support you.

  • Money management, life events and money worries.
  • Mental health, accessibility and disability and support with serious illness.
  • Financial abuse, managing affairs and gambling.

Helping you manage your money through life's journey.

Support and wellbeing

Understand investing

Investing can feel daunting, but it doesn’t have to be.

We can help you understand:

  • investment basics
  • the types of investment accounts you could choose
  • how you can build a plan that works for you.
Understanding investing

Invest for your future

There are many ways to start investing.

Ways to invest with us

  • Pick your own. When you’re comfortable selecting your own shares, funds and other investments.
  • Ready-Made. Simple Investments created and managed by financial experts.

Learn more about our investment accounts and the type of investments you can trade online.

Ways to invest

Wealth management

Schroders Personal Wealth can give financial advice to help you achieve your future financial goals, with a personalised plan.

  • Invest for the future.
  • Protect you and your family.
  • Plan your retirement.
  • Pass on your wealth.

For customers with £100,000 in sole income or spread across joint savings, investments or personal pensions.

Learn more and book your free consultation

Take the next step

Plan for later life

How you want to spend your later years is up to you.

Understanding your options is an important part of your long-term financial planning.

Later life planning

Make your money work harder

Whether it’s what you are doing today, or you’re setting out goals for tomorrow, we can help you get more from your money.

Making money work harder

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Financial planning

Whether you’re progressing in your career or thinking about your retirement, financial planning can help give you control.

Financial planning

Financial planning

Whether you’re progressing in your career or thinking about your retirement, financial planning can help give you control.

Financial planning

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