Introduction

 

In this section we have provided you with very simple, straight forward advice, which will help you to asses where you are at present with your finances, and what you need to do next. Below is a step by step guide on how to do this, and where to go next for further advice if you need it.

Step 1 – Current Financial Position
The first step you should take is to know exactly where you stand:-
Work out income and outgoings on a weekly or monthly basis (not forgetting the annual or periodic expenses – MOT, Car tax etc).  The more detailed you can be about this the better – the detail can be surprising when written down in this way.

See attached spreadsheets/income-expenditure calculator.

Once you know what comes in and what goes out you will be left with either a positive or negative figure.  If it's Positive and you have money left at the end of each month, you may want to look towards financial planning, if it's negative then see the section – dealing with debt.

Step 2 – Planning/Achievements
Are you saving any money? Do you have a house/paying a mortgage or renting? Do you have a pension? What (if any) benefits are open to you from employment or your governing body?

Step 3 – Future Financial Goals
What are you trying to achieve? Planning a different career after your sporting one finishes?  Buying a house? Finishing working pre-retirement age? Having a family? Moving abroad?
Get a piece of paper and write down what you want out of life – the point of financial planning is to help you achieve your goals.

Step 4 – Making It Happen
How can you take it forwards. – There are a range of different financial advisors available, it’s important to speak to someone you feel understands your situation and who’s advice you feel comfortable taking. To the right is a list of advisors the BAC have worked with; all of whom we feel will provide you with an excellent service.