Life changes. Your financial plan should change with it
Your financial plan is not a one-time document. It is a living guide that should evolve as your life does. Just like you update your wardrobe for the seasons or renew your passport when it expires, your finances need a check-up when things shift.
Big events often come with emotional and logistical pressure. But they are also key moments to pause, reflect and realign your goals. A timely review can help you avoid mistakes, grab new opportunities, and protect what matters most.
Here are five life events that should always prompt a financial plan review.
Getting married or starting a long-term partnership
Joining your life with someone else brings more than just shared responsibilities. It blends incomes, savings goals, debts, and different money habits.
Now is the time to look at how you manage accounts. Will you combine finances, keep things separate or do a mix of both? You may also need to update your will, adjust insurance cover, and make new savings goals together.
Talking openly about money now helps you avoid tension later. A fresh financial plan gives you both a roadmap for shared success.
Having a child
Few changes impact your finances like starting or growing a family. There are immediate costs like nappies, childcare and prams. But the longer-term picture matters too.
You might want to start saving for school fees or university. One of you might reduce working hours. You may also want to set up life insurance, guardianship, or a junior savings account.
Your spending, priorities and protection needs will all shift. Reviewing your financial plan ensures you can manage those changes with less stress.
Changing jobs or income levels
Whether you have landed a promotion, gone freelance or lost a job, any shift in income should trigger a review of your plan.
It is not just about adjusting the budget. You may need to rethink pension contributions, check for gaps in income protection, or review your emergency fund.
Higher income can create new opportunities. Lower income means looking for efficiencies. Either way, the sooner you adapt your plan, the more control you will feel.
Buying a home or taking on a mortgage
A new home is exciting, but it is also one of the biggest financial decisions most people ever make. Your monthly outgoings will change. Your priorities might shift from saving to paying off debt.
You will want to review your life cover to match your new mortgage. You may also need to rethink your savings goals or change your budget to include maintenance, insurance or higher utility bills.
A solid financial plan will help you enjoy your home without feeling financially stretched.
Facing a major health change or family emergency
Sometimes life takes an unexpected turn. A serious illness, accident or caring for a family member can affect your ability to work and your financial stability.
These moments are challenging, but having a clear plan can make them easier to navigate. You might need to draw on your emergency fund, update your income protection cover, or adjust spending.
Even a simple review during tough times can help you feel more grounded and supported.
Final thoughts
A good financial plan is never set in stone. It grows with you, adapts to your needs and helps you make thoughtful choices through change.
If any of these events are happening in your life—or have recently—it is a great time to sit down and take stock. Even small updates can make a big difference to your confidence and peace of mind.
Want help reviewing your plan?
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Because financial peace of mind starts with the right plan at the right time.