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The Importance of Financial Planning

Financial planning is the process of deciding and arranging financial matters in order to achieve one’s goals. This plan acts as a guide and tracker for those on their financial journey. Financial planning helps people figure out whether or not they are on track to meet their goals and outlines their path to overall financial success. The benefit of financial planning include increased saving, increased quality of life, peace of mind, financial stability, better money management, goal achievement, wealth accumulation and protection from the unexpected. Despite these benefits, only 33% of Americans actually have a financial plan.

Having a financial plan is important because it can help you reach your financial goals by acting as a guide and helping you control your finance. Use these tips to create a financial plan are as follows:

  • Examine your financial situation

  • Set your goals

  • Track your finances

  • Create a budget

  • Increase your financial literacy

  • Manage debt

  • Start saving

  • Plan for retirement

  • Plan for the unexpected with insurance

  • Ask for help

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