Financial Planners (New), Expenditure, School Fees, Etc.

When entering expenditure in the fact find ensure items such as food and clothing are entered separately for each life, as shown below, while items like rent and home insurance are entered as joint, because they will probably continue after the first death.

Expenditure is divided into “Committed” and “Discretionary” groups, where the former should help identify the minimum outgoings still required on retirement (i.e. that does not include luxuries, mortgages, loans or educational fees). So the fact find automatically suggests this figure (which you may override) as the “Required Pension” sum in the subsequent “Pensions” section.

You can also enter current or future student loans, plus planned expenditures for items like on-going private education. Lump sum expenditures, like for a house extension, should be entered with the same start and end year.

Notice that the period of six years private education, as shown above and below, includes the start and end years, so expenditure that starts in 2020 for six years will end in 2025, not 2026.

You can clearly see the impact of these expenditures on Fred Bloggs’ Lifetime Cashflow, below….

…though from his Net Worth graph you can equally well see that he can actually afford them.

To see all the individual expenditures, click the “Back” button, click the “Customer Graph” one, then select “Planned Expenditure” on the left, as shown below, followed by the items you’d like to view individually.

And similarly you could use the Custom Graph option to check his university loan, where in this case the balance (shown in blue) is paid off at an increasing rate (shown in red) because his salary is increasing.