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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. Find out how a financial plan can help you build your money-mentum and achieve your goals.

What is financial planning?

Financial planning is all about creating a roadmap for your finances and future life goals. It’s a long-term, ongoing plan that covers what’s important to you right now, as well as what you might prioritise in the future.

To build a solid financial plan and start to get your money moving, you should look at your current finances and set goals which you can work towards. This may include:

  • Everyday budgeting
  • Building an emergency savings pot
  • Saving for a specific goal or event 
  • Investing to maintain, or even grow your wealth
  • Retirement planning

From building a nest egg to ticking off your bucket list, planning out your finances can help your short and long-term life goals. 

Where are you in your financial planning journey?

Anyone can start a financial plan at any age. How your goals take shape will vary depending on where you are in life currently, your financial situation, and where you’d like to be in the future.

It can be helpful to consider the process in 3 clear phases:

1. Getting started

There’s no time like the present. Whether you are dreaming of an amazing holiday or planning to buy your first home, having a clear set of goals and a timeframe in mind can help make it happen.

Get started by:

  • Reviewing your finances to see where your money is going
  • Setting goals for the next 5, 10 or 20 years
  • Budgeting your money.
     
Start your financial plan

2. Making your money work harder

Your ambitions are set. Now as you take on more responsibility, it’s important to balance tomorrow’s goals with your day-to-day spending. Get to know more about making the most of your savings or see how investing can help you achieve those long-term goals.

Learn more about:

  • How inflation can impact your savings 
  • Save and invest tax efficiently with ISAs
  • The importance of compound interest.
     
Make your money work

3. Planning for retirement

It’s never too early to include retirement goals in your financial planning strategy. Start thinking about your later years, including how and when you picture your retirement.

Find out more about how we can help you with:

  • Pensions
  • Property
  • Investments
  • Financial security for your loved ones
  • Inheritance planning.
     
Plan for later life

Tax treatment depends on individual circumstances and may be subject to change in the future.

What are the benefits of financial planning?

Financial planning can give you control over your finances. Not only in the present, but it can also help you invest in your aspirations and realise the steps you need to take to achieve them.

  • Meet your goals. Having clear goals in mind can help your financial plan feel more intentional, and seeing measurable progress can help you stay motivated. Break them down into simple steps or quick wins to help make them possible.
  • Feel more in control. Having a financial plan can help improve feelings of confidence and security, knowing that you’re building resilience against potential bumps in the road.
  • Better money habits. Financial planning and budgeting can help improve awareness of your spending habits. You’ll know exactly where your money is going, which can give you a better understanding of where to put your money – whether that’s into savings or investments.

Things to consider

It’s not just saving or investing that can help you reach your financial goals. Setting up an emergency fund in an instant access savings account or prioritising any debts you may need to pay off should also factor into your financial plan.

Managing your money

Are you eligible for financial advice?

We’ve partnered with Schroders Personal Wealth to help you meet your long-term goals. You’ll be matched to a specialist adviser suited to your individual needs. They’ll talk to you about your goals and concerns, such as investing for the future, retirement, inheritance tax and estate planning, to create your free personalised financial plan.

For a free initial consultation with Schroders Personal Wealth, you should currently have, or have in the next few months, at least:

  • £100,000 in sole annual income

Or

  • At least £100,000 across sole or joint savings, investments or in your personal pensions in total.

Fees and charges will apply if you take out a product or service.

Manage your wealth with Schroders Personal Wealth

Book an appointment


Is financial advice right for you?

Learn about financial advice

Schroder personal Wealth

Financial planning tools

Manage your money using our financial planning tools and calculators.

Budget calculator

Pension calculator

Inflation calculator

Savings calculator

Useful guides and resources

Learn more about making your money work harder with our helpful guides to investing, savings and more.

Top budgeting tips

Pensions explained

Understanding investing

Savings tips

Important legal information

Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Schroders Personal Wealth is a trading name for Scottish Widows Schroder Personal Wealth Limited.