Ten ways financial planning can make life better
Posted by Infinity
on September 13, 2012
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Financial planning is one of those tasks that most of us can find an excuse to avoid. Financial planning is, quite frankly, something of a chore and is often not given much in the way of priority. As with any job that is not much fun, it is essential to keep the goals in mind. A good financial plan will help reach those targets.
A financial plan needs reviewing regularly, changes in circumstances, needs and goals must be accommodated. It is important to keep an ‘eye on the prize’. If your financial goals are not defined and there is no plan for how to achieve them, how can you possibly know if you are succeeding or not?
There are many good reasons to stop procrastinating and get on with the important task of planning your financial security:
- Planning and recording expenditure is a good way to work out where your money is actually going. By keeping a record of spending, it is possible to identify where savings can be made. Budgeting your monthly expenditure is great way to improve savings and stop living from pay-day to pay-day.
- Set a ‘prize‘ – a car, a home, a luxury holiday – and make a savings plan to reach those targets. Regular savings for big ticket purchases can make the luxuries in life a little easier to achieve.
- Prepare for major expenses such as school or university fees. Fees for education can be a serious burden if they are not planned for, especially for expats with children attending schools or universities overseas. Long term financial planning to include an education fees plan can guarantee a better future for your children whilst keeping your income and savings secure.
- Insure against any nasty, and expensive, surprises. Financial planning is not only about savings, investments and the household budget. It is vital to know that if you or your family become ill or injured, the medical care and costs are covered, especially as expats living overseas. Financial planning to include solutions for medical and critical illness cover is worthwhile through the peace of mind achieved alone.
- As expats, we have access to tax efficient international investment and savings opportunities. There are many solutions and many providers, it is important to explore the various options available and select the right product to match our particular needs. Financial planning is essential to make certain that our money is able to work as efficiently as possible for us.
- Should anything happen to us, we would all like to be sure that our loved ones remain financially secure. Planning financial protection for our families in the event of our death is not the most cheerful of scenarios to contemplate but financial planning for the inevitable is one of the most important things we can do for our partners and children.
- Having a nest egg to see us through our retirement years can only be achieved with good financial planning. Good advice and a solid plan are key to providing a stable and secure pension income.
- Procrastination is expensive. The longer you delay your financial planning, the harder it may become to achieve your savings goals. Savings benefit from long term planning, the returns from compound interest need to time to be achieved.
- Changes in circumstances can be difficult to accommodate at the best of times. Financial planning with flexibility in mind, with your specific personal situation accounted for, can make tough times easier to get through.
- Financial planning is a great motivator. Once you start and can see the achievements being made, it becomes less of a task. Financial planning allows you to set targets, see them being met and thereby provides the motivation to keep at it.
Spending time on financial planning and regularly reviewing the plan may well be a task but it becomes a much more attractive job when you consider the improvements that can be achieved in financial security for you and your family.
Financial planning need not be a chore and it is certainly not a task that needs to be undertaken alone, nor should it be. Good financial planning requires good advice and professional expertise. Our consultants are all experienced and personable advisers. They provide individually tailored financial planning and can set up solutions to suit your specific needs.
Contact us at Infinity today to start your financial planning
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