How to create your financial plan?
“If you fail to plan, you plan to fail”, the wise words of Benjamin Franklin. And this applies to your financial plan as well. But how do you create a financial plan?
Write it down
This may seem like an obvious one, but I myself have skipped it in past times. Writing down your goals and plans can significantly increase the odds of you keeping them. Because while you write, you think through your plan and iron out any creases. This will leave you feeling more confident.
The easiest way to save or repay is to automate the process. As diligent as we may be, the temptations of our world are real! So don’t tempt fate, automate! With all major banks offering scheduled payments and debit orders. Automate your savings and your repayments to avoid having to think about or forget about it.
Formulate your savings and repayment plan and then automate to make sure you stick to it.
Do good research upfront!
The idea of financial freedom is not to be constantly checking and obsessing over them. But rather to know where your money is going and knowing it will grow. Doing some good research upfront by yourself or with an advisor can be beneficial. As you can identify funds and plans that suit your goals, put them into automation and go on enjoying life, with a greater sense of security.
Think Long Term
No one knows what will happen tomorrow or in 10 years. But consistency has been shown to provide better results. So remain consistent and trust your research and you will be fine. If you need help with this contact a professional advisor who can help you draw up a plan that suits your goals.
Financial planning doesn’t have to be daunting or hard! Follow my easy steps and you will be well on your way to a brighter future. Remember that consistency is key.
Keep well! Keep Planning!
Have a question? Ask Away!