By Huw Jones, managing director of Proposito Financial Planning 

The financial planning team at Cirencester-based Proposito have developed a money wheel to coincide with this week's national Financial Planning Week.

Huw Jones, managing director at Proposito explains below how the tool will help people discover just how well their 'financial life' is going.

Proposito's money wheel is modelled on the traditional life wheel, which asks people to rate different areas of their life - such as work/life balance - instead looking at aspects of money.

The wheel contains eight sections, with each representing one way of describing a financial life. It is designed to measure the level of satisfaction in each of these areas on the day it is completed. It is not a picture of how things have been in the past or what they should look like in the future. It's simply a snapshot.

The wheel invites people to rate from one to ten how confident they are with different aspects, for example their relationship with money, their spending knowledge, and whether they have a clear plan for retirement.

We created the wheel to help people understand where they are in relation to money. This understanding is really important, because then it is easier to put a plan in place, such as for retirement planning.

As well as offering financial planning, Huw is a money coach, and by completing the wheel his coaching clients can highlight areas that need improving.

Finding out where people are on the money wheel and then putting a plan in place is important for peace of mind, for understanding how to be efficient with money and for financial education.

The money wheel is available free for anyone to download via the Proposito website at https://proposito.co.uk/money-wheel/. Once completed, people can book a free session with Huw to discuss their money wheel.

Recently the team also launched an After I've Gone booklet, again free to download, for people to complete, so vital information is all stored in one place, making it easier for those left behind after someone dies.

Now more than ever, against the backdrop of coronavirus, people need some help and support with their finances and we hope the money wheel and also our After I've Gone booklet will give them a starting point.

To get in touch with Huw and the team email hello@proposito.co.uk or call the Cirencester office on 01285 708444.