Three ways to get your financial planning on track
Trying to sort out your finances for the present and the future is never an easy task, but it is one thing you need to take the time to do.
Financial planning should start as early as possible, with short-term and long-term goals.
So what should you include as part of your financial plans?
Let's take a closer look at some important aspects…
Financial planning aspect #1: Are you covered for the unexpected?
No-one knows what lies ahead of them and this is why it’s a good idea to ensure you have plans in place in case things don’t go as you thought they would. This is a key aspect to financial planning
For instance, do you have a life policy covering the outstanding debt on your home if something should happen to you? Do you have a critical illness policy in the event of a life threating illness?
These types of insurance policies are worth having. They give you and your family peace of mind.
Being prepared also means having adequate savings to tide you over should you face large unexpected expenses or lose your income.
Financial planning aspect #2: Assess your finances
You need to consider all the things you want to achieve with your income. This includes paying for policies highlighted above, putting cash into savings and your retirement plan, and any investments.
Once you know how much money you need to achieve this, you need to look at your income and how you’ll use your money.
By putting together a budget of your incomings and outgoings you can prioritise where your money goes and cut back on non-essential expenses.
Financial planning aspect #3: Revisit your financial plans annually
You should make the time at least once a year to go through your financial plans and see how you’re progressing.
Over the years, your income may increase. This means you can put more money to work for your future. You can adjust your budget accordingly.
So there you have it. Three ways to get your financial planning on track.
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