At our event in Hove, women gathered to explore the world of financial planning, both personally and for their businesses. The resounding message was clear: financial planning is the key to unlocking financial independence and security.

Financial planning is a vital tool to achieve financial independence and security. We had the amazing opportunity to host an event in Hove, our session provided valuable insights on navigating economic uncertainty, budgeting wisely, and staying informed about government policies.

This session was hosted at Platf9rm in Hove by Karen Stenning, the leader of Vestpod's Brighton chapter, with:

Jake Standing - Business Services Director at Plus Accounting
Jeannie Boyle - Financial Planner from EQ Investors
Beth Jackson - 2 Sisters Accounting

Here are some key takeaways from the session:

Cultivating Adaptability and Creativity

In times of economic uncertainty, it is crucial for us to be adaptable and embrace creativity. However, there’s no need to panic; all it takes is just to get a little bit savvy. Whether it's kickstarting a side hustle or using your skills to bring in extra cash, being open to change is the name of the game. Face these uncertainties head-on and come out of it feeling like you can weather any storm - adaptability and creativity truly do pay off.

Reflecting on Your Financial PAST

Reflecting on your spending history might sound like a not-so-pleasant flashback episode, but actually, it’ll make you all that much stronger. A monthly check-ins on your budget? Think of it like you’re creating a fortress for your money. Building up an emergency fund? That’s you preparing for all those unpredictable financial storms. We all know that life loves to throw wobbles our way, so a bit of planning and reflection is paramount if we want to stay resilient.

Balancing Financial Planning with Self-Care

While financial planning is crucial, it's equally important to be kind to yourself and enjoy life's little pleasures. Life's not just about the numbers; it's about the experiences too. Toss some treats and rewards into your budget - whether it's a weekend escape or spoiling yourself with your favourite takeaway, self-care needs to be an important part of your financial game plan.

Guarding Against Fiscal Drag

Imagine your income is like a car, and taxes are the speed bumps on the track. Fiscal drag is like when inflation and your growing pay check join forces to push you into a higher tax bracket. So, what can you do? Stay on top of your taxes. Keep tabs on how changes in your income might throw a curveball at your take-home pay. By keeping a close eye on these matters, you can ensure that your hard-earned money is working for you and not being eroded by unnecessary taxes.

Staying Informed About Government Policies

With the 2024 election looming, it's crucial for women entrepreneurs to stay educated about government policies and regulations that may impact their businesses. The March 2024 budget might drop some significant policies, but not all campaign promises turn into law. Stay informed and tweak your financial plans accordingly.

Maximising Dividend Allowance

We’re seeing a shift in the dividend allowance, now set at £1,000 for the 2023/24 tax year. This essentially means that women can pocket up to £1,000 in dividends without worrying about taxes, no matter what other income they have. It's a golden opportunity to supercharge your financial game plan. So now is the time to optimise your strategy and watch that money grow!

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Sorting out your finances is like unlocking the door to financial freedom, and it's a crucial step for a secure money future. A big thanks to everyone who hung out with us in Hove for the event! Meeting you all was absolutely fantastic.

We dived into some genuinely difficult questions and had an inspiring panel tackling them and hopefully, fully addressed your concerns. Despite the challenges, we walked away with some great advice, a sprinkle of hope, and a few laughs. Thanks for turning it into a good time - what a great way to (almost!) wrap up the year.

Recommended Resources:

Meaningful Money with Pete Matthew: A podcast that offers practical and accessible financial advice tailored for women.
The Monster of Wall Street (Netflix Series): Explore the captivating story of Bernie Madoff, providing valuable insights into the world of finance and the importance of financial awareness.
The Stick Man by Julia Donaldson: Not directly related to finance, but a delightful book to engage children and foster a love for reading.

Special thanks to our partners Plus Accounting, Platf9rm, and Found & Flourish. 📸 Video and photos captured by the talented Victoria Dawe.

Personal and Business Finances: Planning for 2024