To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable.

Truth is, financial planning is something that everyone can spend time on. It’s all about having both long-term and short-term financial goals and putting together a plan to achieve those goals.

No matter what stage in life you’re at, there’s probably something just around the corner that requires a big chunk of your hard-earned money. Perhaps you’re researching how to purchase your first home? Maybe it’s time to start planning a family? Or perhaps you’re not far away from retirement.

Financial planning is all about knowing how to make the most of your money – whether that’s putting a little extra into savings one month or paying off a bit of debt more quickly.

It’s about making smart financial decisions so your money is working for you as efficiently as possible while reducing your monetary stress. It’s also about becoming financially stable more quickly, so you can retain your lifestyle if any major unexpected expenditures come along.

In short, financial planning is something everyone can benefit from, whether you class yourself as “very rich” or not!

Your goals

Financial planning involves figuring out your current financial situation – your assets, debts, and what you spend your money on – and what you want your financial situation to be. What do you want to spend your money on in the next year? Where do you want to be financially in five years? Do you have any major expenditures on the horizon? When do you want to retire? How much do you need to save?

Your plan

Your financial plan involves determining how you will get from where you are now to where you want to be. You’ll determine how much money will go into savings and how much will pay off debt. You’ll set a budget for how much you can realistically spend a month and whether you can invest.
Understanding your financial situation and where your money goes can help you make decisions about spending and saving. It also helps you be realistic about your goals. There’s plenty of apps online that help track your spending. You may be spending more on Uber Eats than you think!

Your financial planner

A financial planner can help you set goals and determine how much you need to save achieve your goals. They can help you understand your finances better, so you can boost your savings and possibly reduce your tax load.
They’ll check on you to keep you accountable for your finances, and if things have changed for you they can help you adapt.

So, what are you waiting for?!

Among the things a financial plan will help you with are setting and your goals, saving money, ordering your finances and decreasing your financial stress. It’s the difference between barely getting by and being financially secure.
It doesn’t matter how much money you have or earn, a financial planner can help you. Whether it’s determining how to save for retirement, what debt to pay down first, or whether you can afford a trip to Europe, a financial planner can help you make the best decisions with your money.