Financial planning never has been, and never will be one-size-fits-all. Everyone’s circumstances, goals and priorities are different, and your financial plan should reflect that – it has to work for you.

As the year draws to a close, many of us look forward to spending time with friends and family, reflecting on the year gone by. It’s also a natural moment to pause, reset and think about the year ahead, which, as ever, arrives more quickly than expected.

For some, that planning mindset feels energising; for others, particularly when thinking about the long term, it can feel daunting. As a Chartered Financial Planner, alongside my colleagues at Craven Street Wealth, my role is to help make this process clearer and more manageable. By taking a holistic approach, we help clients plan, shape and organise their finances so they can focus on enjoying life, confident that their plans are working in the background.

We can advise across many areas of financial planning, and where specialist input is required, such as legal or tax advice, we work closely with trusted solicitors, accountants and other professionals to ensure nothing is overlooked. While this is not a “tick-box exercise”, as 2026 approaches, the following areas may provide some useful homework to consider before the end of the year.

Protection

Putting the right protection in place forms the foundation of a robust financial plan, helping safeguard both your finances and your loved ones against life’s unexpected events.

Life cover ensures that dependants receive financial support if you were to pass away, helping to reduce the risk of debt, hardship or disruption to long-term plans. Critical illness cover adds another layer of security by providing a lump sum if you are diagnosed with a specified serious illness, helping to cover treatment costs, time away from work or necessary lifestyle changes.

Income protection offers longer-term reassurance by replacing a proportion of your income if illness or injury prevents you from working. Since everyday expenses do not stop simply because income does, this type of cover helps maintain financial continuity and protects savings, retirement plans and family commitments.

A sensible starting point is understanding what you need to protect and what cover you may already have in place. Many people have valuable benefits through their employer, often at competitive rates without fully realising it. Reviewing your workplace benefits and then considering whether additional protection is required can be a straightforward but important first step.

Estate Planning

Estate planning ensures that your assets are passed on in line with your wishes and in the most efficient way possible. A well-drafted will is the cornerstone, helping avoid the delays and uncertainty of intestacy. Powers of attorney are equally important, allowing trusted individuals to make financial or health decisions on your behalf should you lose capacity.

Trusts can add flexibility, control and potential tax efficiency, particularly where assets are being set aside for children, vulnerable beneficiaries or longer-term family wealth planning. Pensions also play a significant role, as they have traditionally fallen outside of your estate for inheritance tax (IHT) purposes.

However, with unused pensions expected to be included within estates from April 2027, planning around pension wealth has become increasingly important.

Gifting is another valuable planning tool, enabling you to support family during your lifetime while potentially reducing the size of your taxable estate. Whether through regular gifts from surplus income, larger one-off transfers or charitable donations, thoughtful gifting can be both personally rewarding and financially effective.

While trust and pension planning can be complex, simpler steps such as putting a will or powers of attorney in place are often straightforward. Sometimes it is just a matter of sending that first email or making that first call – something that could easily be done during a lunch break.

Estate planning is rarely a quick journey, but starting early is far better than leaving it too late.

Investments

Long-term investing plays a crucial role in achieving future goals, whether that’s funding retirement, supporting children or building long-term financial independence. Remaining invested over time allows you to benefit from compounding, where returns generate further returns, which can be far more effective than holding excess cash alone.

Risk management is equally important. Different investments behave differently, so diversification helps balance growth potential with stability and can smooth the journey through market volatility. A well-structured investment strategy should reflect your objectives, time horizon and capacity for loss.

Tax-efficient wrappers such as pensions, Individual Savings Accounts (ISAs) and investment bonds can significantly enhance long-term outcomes by reducing or eliminating tax on growth, income or withdrawals. Using the right wrapper for the right purpose helps ensure your money works as hard as possible and improves overall efficiency.

Strong investment strategies are supported by disciplined saving habits. Regularly setting aside surplus income reduces reliance on borrowing and helps counteract lifestyle inflation, where spending increases alongside income. If you are unsure what surplus income you have, completing an expenditure planner can be a powerful exercise, not only to identify surplus, but also to understand where money is actually going.

It is important not to become complacent with longer-term plans. Many people focus initially on buying a home and then jump straight to retirement, without fully considering the opportunities in between. With interest rates expected to fall in 2026, reviewing how surplus cash is held and invested may become increasingly important. Tax efficiency does not need to be complex; it can be as simple as gradually moving taxable savings into an ISA each year.

Conclusion

There is always a next step in building your financial plan. Life isn’t something you “complete”, but that doesn’t mean you can’t plan thoughtfully along the way.

Hopefully the above helps prompt conversations with family and loved ones as 2026 approaches. If there’s anything you’d like to explore further, we’re here to help.

Please contact us on 0330 3209280, email info@cravenstreetwealth.com or complete our online enquiry form  for advice tailored to your circumstances.

The content of this article is for information only and does not constitute formal financial advice. This material is for general information only and does not constitute investment, tax, legal or other forms of advice.

 References to legislation and tax is based on our understanding of United Kingdom law and HM Revenue & Customs practice at the date of publication. These may be subject to change in the future. Tax rates and reliefs may be altered. The value of tax reliefs to the investor depends on their financial circumstances. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of these comments.

 You should not rely on this information to make, or refrain from making any decisions. Always obtain independent, professional advice for your own particular situation.

Craven Street Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA). The FCA does not regulate tax advice.