What is financial planning, and what are its benefits?

October 6, 2020

 

What is financial planning?

Financial planning is essential in helping you to achieve your life goals. Be that buying a house, paying for your children’s education or retiring early, planning helps you as you go through life’s journey. It helps you to keep control of your income, expenses and investments, which in turn will help you to achieve your goals.

Financial Planning ensures that you have the money you need, at the time you need it. For example, if you are saving to pay for your child to go to University, you need sufficient funds when they reach 18, not 20.

What are the benefits of financial planning?

Financial Planning can help you to:

  • Save. Although many people do save money without a financial plan, having one makes you focus on your income and expenditure, and gives you a goal to aim for.
  • Having a plan may help you to enjoy a better standard of living, whilst still managing to achieve your goals. Being mindful of your monthly outgoings focuses your mind, meaning that you can achieve your goals and still have a good standard of living.
  • A critical aspect of Financial Planning is having an emergency fund, to cover emergency expenditure and to provide a buffer in the event of a drop in income, such as a job loss
  • The main benefit of Financial Planning? Peace of mind! A good financial plan can help you to manage your money, invest for the future, and still enjoy a good lifestyle.

Not quite reached this stage? Don’t worry – we can help!

Westerby The Wealth Advisers are a firm of Independent Financial Advisers based in Leicester. We provide comprehensive financial planning advice covering a wide range of financial requirements to both individual and business clients around the country.

If you are looking for financial planning advice, please get in touch today.

Tomorrow: Financial planning for life goals

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