Latest News | 6 July 2021
Financial planner reveals savers’ top three wish-list items
Campervans, kitchens and ‘bigger and better’ holidays, is what most savers in Derby plan to spend their lockdown money on, according to Aristotle Financial Planning.
James Wallis, founder of Aristotle, said that the recent extension of the UK’s lockdown and ongoing uncertainty concerning overseas travel are continuing to have the biggest say on the way in which people choose to use their savings to treat themselves.
In particular, despite talk of international travel being possible, the majority of his clients have now scrapped 2021 as the year they enjoy a big foreign holiday.
But they are planning to make up for it with more expensive overseas trips next year, with destinations such as Canada, the Middle East or America being considered.
In the meantime, they are planning to holiday in the UK – holding some money back, or spending this year’s holiday fund, on buying a campervan, caravan, renovating their gardens or buying a new kitchen.
Aristotle, which is based at Friar Gate Studios in Ford Street, offers financial advice to a range of individuals and business owners.
James advises his clients on how to plan to spend their money and not just save it, as part of an all-round management approach to finances.
This means that he spends plenty of time helping people decide how much money to put aside for the big-ticket purchases.
He said: “People’s spending plans continue to be heavily influenced by the coronavirus so, although I do have one or two clients who are keeping their fingers crossed for big holidays booked for later this year, most people have now written 2021 off completely in favour of an even bigger and better holiday next year.
“They’re not letting their money sit idle though, especially since I tell them that they lose money in real terms by saving large amounts of cash because of the low interest rates and inflation, so they’re looking at projects around the house or garden or spending it all on a campervan.
“Money is there to give us the life we want both now and in the future, so while it can’t buy us happiness, as they say, spending it to enhance your life without distracting you from your financial goals is very important.”
James added that the pandemic was also having an impact on many of his clients’ plans for their future, by helping them to bring their retirement plans forward – in one case by five years.
