A financial plan is something we should all have but few of us actually do. In this case time will actually equal money! The time you spend crafting your financial plan will help you save and pay off debt in a way that will help you reach your financial goals! Financial Plans are the backbone that helps you stay on course to reach your goals.
But drawing up a financial plan can often be overwhelming and seem impossible to do. So even though you know it’s vital you don’t end up doing it!
So here are my 3 tip to successfully write your financial plan:
Make it personal
Its easy to get wrapped up in watching YouTube videos and read articles about how other people create their financial plans. The difference is, that is their financial plan. Not yours. And it is important for your to realise that and make your plan suit your needs. As every person is different and will have different needs.
Financial Plans Need to be Revised
Things change. Situations change. Jobs change. And so should you financial plan. As life changes, kids come along, people get promoted, you needs and wants change. And that is why it is important to revise your financial plan at least once per year, but preferable every 6 months.
Consult a professional
As much as you can do it yourself a professional can bring in some better insights. They can be objective and help hold you accountable to your plan. They can offer advice on where to save your money, how much to save, and what debt to pay off faster. These are things that only a FSP professional who is FAIS complaint can offer you.
There are many ways to write your finanical plan. Be it in excel or on a notepad. The important step is to draw it up! As this will help you on your journey to financial freedom!