Back-to-school financial check-in: your midyear family reset

Summer brings a change of pace for families, holidays, days out, and a more flexible routine. But as the school gates open again and the family schedule resets, it’s the perfect time to pause, take stock, and make sure your financial plan is still aligned with your life goals. The start of a new school term isn’t just for the children or grandchildren, it’s a natural moment for families to review, refresh, and re-energise their financial priorities.

Revisit Your Motivation

Before diving into spreadsheets or investment statements, take a step back. What is it that is important to you, and what journey are you on? Is it to fund their future education? To enjoy more time together as a family? To retire with freedom and security? Your “motivation” or purpose is your direction and will often dictate the financial decisions you should take. Life changes quickly, especially with family, so checking that your plan still reflects your current priorities is vital.

Refresh Your Budget for the School Season

The transition from summer to autumn can bring increased school fees, changes to your personal budget or a change to higher education plans. These should all be taken into account within your financial plan and tested to ensure they remain affordable. It is also important to consider your safety net of a cash contingency fund. It is worth thinking about holding slightly more in case to take care of any unexpected education or family costs to give you peace of mind that any pension/investment is there for the long term and you won't need to access it at short notice when markets are potentially down.

Check Your Safety Net: Insurance and Estate Planning

As routines shift and children grow, it’s worth checking the “what if” plans. Is your life insurance still the right amount for your family’s needs? Have you updated wills, guardianship nominations, and powers of attorney? It’s not an easy conversation, and one that often falls to the bottom of the priority list during school holidays, but it’s a hugely important part of financial planning and one that provides families with the reassurance they need if and when things go wrong.

Keep Long-Term Goals on Track

The school fee planning and family spending might feel all-consuming short term, but your longer-term financial goals still deserve attention. A robust, long-term financial plan can help you manage your short and long-term goals, give you awareness of the impact your short-term spending will likely have over the long term, and importantly, provide you reassurance that your plan can last beyond your retirement, even with the current spending. It may be that your plan requires you to continue contributing to your retirement pot, on the other hand, it may show you can increase your current spending without impacting the long-term plan.

Involve the Kids in Financial Learning

Back-to-school season is a great time to encourage healthy money habits. We encourage parents and grandparents to involve their family in financial planning discussions. This has the benefit of them knowing what is going on for the worst-case scenarios when you are no longer around, but also helps provide them with a starting knowledge of financial planning, making them more likely to make good decisions with their money in the future.

The Takeaway

The return to school is more than a huge sigh of relief that you’ve got through the summer juggling work and family, it’s an opportunity to reset, realign, and recommit to your family’s financial planning health. By reviewing your “motivations”, adjusting your financial plan for seasonal expenses, safeguarding against the unexpected, and keeping long-term goals in focus, you can move into the new academic year with confidence. And just like the kids, your financial plan should keep learning, adapting, and growing.

To speak to us, simply get in touch via enquiries@carbonfinancial.co.uk or call 0131 220 0000.

The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.

This communication is for general information only and is not intended to be individual advice. It represents our understanding of law and HM Revenue & Customs practice. You are recommended to seek competent professional advice before taking any action.

Tax and Estate Planning Services are not regulated by the Financial Conduct Authority.