5 Signs It’s Time to Review Your Financial Plan

A financial plan isn't a document you create once and file away. Your income, family, goals and the economy all change, and your plan needs to change with them. Here are five signs that it's time for a review.

1. Your life has changed

Marriage, a new baby, a divorce, buying property, a new job or starting a business all change your financial picture. After any of these, check that your savings, investments, life cover, will and beneficiary nominations still reflect your responsibilities.

2. You haven't reviewed your investments in over a year

Markets move, and over time your portfolio can drift away from the mix you chose. An annual review confirms your investments still match your goals and risk profile, that fees are reasonable, and, for halaal investors, that your funds remain Shariah-compliant.

3. Your costs are rising faster than your savings

If school fees, medical aid, insurance and everyday costs are climbing faster than your savings, your long-term goals may be slipping. A review can help you rebalance your budget, contributions and investment mix so you stay ahead of inflation.

4. Retirement is getting closer

In the ten years before retirement, the questions change: how much income will you need, how will you draw it, and how can you do so tax-efficiently? These decisions are hard to reverse, so it pays to plan them early.

5. Your cover and estate plan are out of date

Does your life and disability cover reflect your current income and family? Is your business or property insured properly? Is your will, ideally an Islamic will, current and valid? If it's been a few years since you checked, gaps have probably opened up.

Book your review

If any of these signs sound familiar, now is the time to act. Sapphire Global offers comprehensive financial reviews covering investments, cover, retirement and estate planning. Get in touch to book yours.

Sapphire Global Financial Services is an authorised financial services provider (FSP 51022). This article is general information only and does not constitute financial advice. Please speak to a qualified financial adviser about your personal circumstances.