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How to get your financial planning in order

by , 09 October 2015

It's never too early to start financial planning. The earlier you do, the easier you'll find it to reach your financial goals.

So where should you start with financial planning?

Read on to find out…


Financial planning will help you reach your financial goals


Whatever your financial goals are, whether it’s to retire at 50 or pay off the bond on your house quickly, you need to put plans into place to achieve it. Without financial planning, you may struggle to achieve these goals.

Financial planning helps you to make the most out of your income and put it to work in the best ways for you.


The first step in financial planning


If you’re laden with debt, you’re going to find it very hard to put your money to other uses. If this is you, you need to make paying off debt a priority.

Excluding your bond, take a good look at what you owe on short-term loans, credit cards and store cards. Paying the minimum monthly repayment isn’t going to clear your debt quickly, so you need to work towards paying as much as you can a month

If you have a lot of debt, concentrate on paying the balances with the highest interest rates first. Make paying off short-term debt your first financial goal.


A vital part of successful financial planning


To be able to pay off debt, save or invest to achieve your financial goals, you need to use a budget. Without a budget you can’t see what you’re doing with your money and where it’s going.

Use a spreadsheet to put your budget together. You should have an income column and an expenditure column.

You need to list absolutely everything you spend your money on, including take away coffees or sandwiches at lunchtime. From this, you can cut down on unnecessary spending and start putting your money to work.

The less you spend, the quicker you’ll achieve your financial goals.

So there you have it. How to get your financial planning in order.

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How to get your financial planning in order
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