30 September 2020

Five practical steps to Zen peace around your finances. Step Four: Review your specific ‘money pots’

If you haven’t read Richard Wadsworth’s earlier blogs about practical steps to achieving Zen around your finances, you can read Steps One, Two and Three which discuss the importance of understanding your current position, prioritising spending and defining a purpose for your resources.

Most of us build up a series of pensions and investments throughout our life, each of which makes sense at that point, but perhaps, over time, they can become a bit of a hotchpotch with no clear logic any more. It’s great that we’ve built up these investments and pensions, but could they now be improved? Are some past their ‘sell-by’ date? Do you still have that technology fund investment from 1999? If you have some privatisation or demutualisation shares, or shares in your employer’s company, would you, if you were starting afresh today, still buy these? If not, perhaps it’s time to tidy up – to borrow from the great tidying-up expert, Marie Kondo, which of your pots still ‘sparks joy’ and should be kept, and which should be transferred?

Staying in the spirit of Marie Kondo, I am inclined to simplify wherever I can, and it certainly applies to investments and pensions. While there can be good reasons to retain certain investments and pensions, and there can be costs or taxes that stop you moving things, my approach is to simplify where possible unless there are good reasons not to.

So dig out the statements for your old pensions and consider transferring them to your current arrangement. What about consolidating your ISAs into one? Could you move your investments under one administrator without increasing your costs and in so doing simplify your paperwork?

Suddenly, with all that tidying up, things look a little spacier, a little calmer, a little, well – more Zen.

Read about the final, fifth step in my next blog.


Richard Wadsworth is a Director at Carbon and can be contacted at

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.


Follow Carbon Financial on Facebook, Twitter or LinkedIn.

Sign-up for our Carbon Catch-Up Newsletter


Sign-up for our Carbon Catch-Up Newsletter.

* indicates required

Carbon Financial will use the information you provide on this form to keep in touch with you and to provide updates and marketing. Please indicate below that you are happy to receive our updates in the future:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Contact us today...

We have offices in Edinburgh, Glasgow, Aberdeen, Perth and London. You can contact us at any of our offices, or by email.

Carbon Financial Partners Limited is authorised and regulated by the Financial Conduct Authority. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

The Financial Conduct Authority does not regulate some forms of tax advice.
Registered in Scotland #SC386400.
Registered Office: 61 Manor Place, Edinburgh EH3 7EG, Scotland.
© Carbon Financial Partners 2023

Client Account | Personal Finance Portal | Privacy Notice | Cookies