Financial Matters

With Akwasi Duodu |

How To Plan The Five Financial Life Stages

Think about who you were five, or even ten years ago. Have your priorities changed in that period? It is important to adapt your financial planning as you go through life and accumulate wealth. Here are some things to think about as you go through the various financial life stages:

Stage 1: Young Adulthood

This forms part of the accumulation state and would involve contributing to a pension. This is much easier than it was a few years ago because many employers have auto-enrolment schemes. Don’t get left behind if you are self-employed!

Staying out of debt and building your savings is crucial in the accumulation stage. Getting deep into debt through the use of credit cards and loans is a big no-no. The only acceptable debt would be your student loan. Avoid debt if you can and use your income to build your savings.

Stage 2: Middle Adulthood

A lot of people say this is when things start getting serious. Far from it! You can still have fun, but certain decisions could go a long way into determining how fondly you look back at these years. You’ll be looking at getting a mortgage, buying a house and perhaps starting a family. Set financial goals. Determine when you’d like to retire, how much you’d like to retire on, and put a plan in place. Make sure you have the right insurances in place to protect you and your family (if you have one) from financial disaster. By accumulating wealth and having a savings strategy you’ll be better equipped for the many unpredictable events that happen in these years. Build your savings reserves invest for the long term and reject non-mortgage debt.

Stage 3: Peak Earnings

This is still the accumulation stage and where you really should be directing as much as possible into tax efficient savings plans such as pensions and ISAs. Insuring your income should also be a priority ensuring you’re building your castle on solid foundations. As you get older, you may want to re consider the risk level of your investments. At this stage, you would have less time to recover from potential market falls than you would at stage 1 or 2, so diversifying would make sense.

Stage 4: Financial Independence

The definition of financial independence is “the ability to live from the income of your own resources”. When this happens, you experience freedom of time and freedom of money. If you’ve applied yourself well in the previous life stages, you should be able do all the things you want with money no longer being a worry.

Stage 5: Decumulation

How quickly life sweeps by! With your mortgage paid off, the kids grown up and gone and just yourselves to think about, it might be time to consider downsizing and sharing some of your wealth and wisdom with the next generation. Decumulation is the point where you start taking income from your investments and pensions. You may consider your inheritance tax position and make gifts to the next generation. Make sure your Will reflects your wishes. Most importantly, enjoy your hard-earned wealth – don’t be embarrassed to spend it! You’ve earned it and certainly can’t take it with you!

BabyBallet

The award winning movement to music, dance & singing programme for boys and girls from 6 months upwards run with a fun, safe and caring environment. Classes in Dulwich. Call Stephanie 07809 148348 | www.babyballet.co.uk.

Boppin Bunnies

Interactive Music class for under 5’s led by professional musicians. Monday mornings 9:30am, 10:15am & 11am. Punk Me Up Ceramics Cafe. 34 East Dulwich Road, SE22 9AX www.boppinbunnies.co.uk.

Diddi Dance

Funky pre-school dance classes for girls and boys. Learn coordination, rhythm and great moves to funky songs and boost confidence. Classes in East Dulwich, Anne-Marie for a free trial 07973 982790 | www.diddidance.com.

District & Dulwich Twins Club

Baby and Toddler Group every Friday 10am-12pm (turn up at any time!), at Peckham Rye Playrooms (SE corner of the Rye). It is for multiples only, but you do not have to be a member of the club to attend. BYO coffee cup! www.ddtwinsclub.org.

HartBeeps

Mondays at Christ Church, 263 Barry Road, East Dulwich, SE22 0JT. 10am Happy House, 11am Baby Beeps & 12.15pm Baby Bells. Fridays at Ewart Community Hub, 44 Wastdale Road, SE23 1HN .10am Happy House, 11am Baby Beeps & 12.15pm Baby Bells. http://hartbeeps.com

Little Superhero Training

Practice your Superhero moves! Discover Superhero fun facts! Any Little Heroes, Boys and Girls aged 2 - 5, Come along for a FREE taster session. Mondays & Fridays (term time only) St Barnabas Parish Hall, 23 Dulwich Village, SE21 7BT. Contact Lucy 07813 791757 | lucy@littleherocompany.com www.littleherocompany.com

Lucy Sparkles

Outstanding music, drama and dance classes and parties for young children. Fun classes where children engage with singing, movement and live music whilst enhancing learning through developing physical, emotional and intellectual skills. Tues, Weds & Fri classes for different age groups/ themes. sarah@lucysparkles.com | 07929 784 719

Nibble Arts

Are you looking for flexible 8:00 - 6:30pm school holiday childcare? We still have lots of places available at Goodrich Primary SE22 from 4th birthday to 11 - our unique creative childcare lets children explore a brandnew adventure through up to 4 creative workshops a day with industry professionals for February Half-term 14th - 18th Feb!

Children are looked after in key groups of 10 for a really personalised experience and you can request that they are grouped with friends who are also attending. We are Ofsted approved and you can book in advance up to the end of Summer Holidays 2022 1-5 days a week using childcare vouchers, tax-free childcare, card or instalment plans from £54/day. Where else can you be on video chat to an Arctic explorer live from Svalbard University one day, and meeting Sophie the giant animatronic T-Rex the next? For the full timetable and to book visit www.nimblearts.co.uk/how-our-clubs-work visit www.nimblearts.co.uk/how-our-clubs-work

Mini Athletics (SE London)

Winning the gold medal for children’s sports classes! Start your child’s fantastic journey in athletic development, designed for toddlers up to children of 7 years old. All through a fun play-based format. To try us out, contact Sam: 07811787153 | smcdermott@miniathletics.com www.miniathletics.com

Sing and Sign

Monday - Saturday. 020 7193 3696 | www.singandsign.com

Sparkle Music

Carefully structured and fun music classes for babies, toddlers and pre-school children in SE22. Check the website for current classes. Contact : anna@sparkle-music.co.uk. | 0771 1238352

Sunday Spot

Free, artist-led workshops for families at South London Gallery, 65-67 Peckham Road SE5, on the last Sunday of every month. For children aged 5–12 years with their parents & carers. Pre-booking advisable. www.southlondongallery.org

Our children’s activities pages have been popular for years and now they are back! If you run a class in any of these areas, then advertising in these pages are just for you. Each magazine has 5,000 copies which are hand-delivered every month. You can choose to go for 5, 10 or 15,000 copies, it is totally up to you. Contact Angela: angela@semagazines.co.uk for a rate card.

Community Index

Useful Contacts

The University Hospital Lewisham

Tel 020 8333 3000

Lewisham Borough Council

Tel 020 8314 6000 (24 hrs) www.lewisham.gov.uk

Lewisham Early Years Service

Tel 0800 085 0606

Forest Hill Safer Neighbourhood Team

Tel: 020 8721 2723

Email: ForestHill.SNT@met.police.uk

Community Groups

Forest Hill Society www.foresthillsociety.com

Friends of One Tree Hill http://friendsofonetreehill.wordpress.com www.facebook.com/friendsofOTH / @Friends_of_OTH

Tewkesbury Lodge Estate Residents’ Association www.tewkesburylodge.org.uk

Sydenham Garden

Tel 020 829 11650 www.sydenhamgarden.org.uk

Our Lady and St Philip Neri Friends Association www.olspnfriendsassociation.com

Independent community websites www.se23.com

Local MPs

Ellie Reeves (Lab, Lewisham West)

Tel 020 7219 2668 ellie.reeves.mp@parliament.uk

Janet Daby (Lab, Lewisham East)

Tel 020 8461 4733

Janet.daby.mp@parliament.uk

Vicky Foxcroft - (Lab, Lewisham, Deptford)

Tel 020 8469 4638 vicky.foxcroft.mp@parliament.uk

Local Councillors

Forest Hill Ward

Peter Bernards (Labour) Tel 020 8314 9927 cllr_peter.bernards@lewisham.gov.uk

Sophie Davis (Labour) Tel 020 8314 3493

Cllr_Sophie.Davis@lewisham.gov.uk

Billy Harding (Labour) Tel tba

Cllr_billy.harding@lewisham.gov.uk

Surgeries

All councillors: 2nd & 4th Saturday of the month, 11am-12.30pm. Forest Hill Library, Dartmouth Road, SE23. 11am–12.30pm.

Perry Vale Ward

John Paschoud (Labour) Tel 020 8314 3437

John.Paschoud@Lewisham.gov.uk

Susan Wise (Labour) Tel 020 3489 2790 cllr_susan.wise@lewisham.gov.uk

Sakina Sheikh (Labour) 020 8314 7963

Cllr_Sakina.Sheikh@lewisham.gov.uk

Surgeries

Open advice surgery (no appointment needed) 2nd Saturday of the month (except August), 10:30am to 12noon, at Moon Lane Books, 300 Stanstead Road, SE23 1DE. Other times available by appointment, please phone or email one of us.

Crofton Park Ward

Chris Barnham (Labour) Tel 020 8314 9896 cllr_chris.barnham@lewisham.gov.uk

Tauseef Anwar (Labour) 020 8314 9930

Cllr_Tauseef.Anwar@lewisham.gov.uk

Carol Webley-Brown (Labour) Tel 07795 915362 cllr_carol.webley-brown@lewisham.gov.uk

Surgeries

4th Saturday of the month, 11am - 12pm www.arounddulwich.co.uk | Follow us @SEMags_AroundDulwich

Crofton Park Library, 375 Brockley Road, Brockley SE4. No surgeries during August.

Around Dulwich is the community website covering in and Around Dulwich including Dulwich Village, East and West Dulwich, Forest Hill and Honor Oak Park. Up to date events, more stories and news.

CwS | Smart Business Networking meets on the last Wednesday of every month. The Lordship Pub, 211 Lordship Lane, East Dulwich SE22 8HA Find out how to register for FREE at: www.cookingwithscissors.com | e-mail: sbn@ cookingwithscissors.com

Next Meeting: Wednesday 29 March 2023 - 6.45pm

Word Search

Answers from page 23.