Planning for Financial Success

03 October 2018

Financial planning is a long-term approach to managing your finances. Financial planning helps you achieve your goals and ambitions while at the same time giving you a strong position to negotiate the financial hurdles that will inevitably arise throughout your lifetime.

Everyone’s situation is unique but creating a coherent, robust and practical financial plan is crucial if you want to take control of your financial future.

Creating a financial plan

Creating your financial plan doesn’t have to be a daunting process - it is more about taking the time out to consider your financial position and what changes you need to make.

Step One: Financial Goals: The first step is to identify your financial goals in the short, medium and long term. This could include, buying a house, paying off the mortgage, retiring by a certain age or setting up your own business. There is no right or wrong financial goal, they are unique to you and what you want to ultimately achieve.

Step Two: Current Financial Position: Once you have identified your financial goals, it is then important to consider your current financial position. What assets and liabilities do you have and what is your income and expenditure? You need to determine how much can you afford to save or invest on a regular basis to assist in achieving your goals.

Step Three: Establishing the plan: Once you have determined your current position and your goals, the next stage is to develop your plan.

Creating your route map will help you understand the financial structure you need in place to achieve your goals. Any effective plan needs to have tax planning as its foundation.

Step 4: Review the plan: With life’s uncertainties, any financial plan you put in place should be reviewed on a regular basis. It is suggested that you should review your plan annually to ensure that you remains on course to meet your goals, reviewing the performance of your investments and changing these where appropriate.

The benefits of engaging with a financial planner

We all live increasingly busy lives, so finding the time to actively plan and manage all the financial aspects of your life can be challenging.

By engaging with a financial planner, this burden can be taken away from you. A financial planner can bring expert knowledge and insight to ensure that your financial plan is right for your personal circumstances and as your goals, ambitions and needs change they will ensure that your financial plan evolves with you. 

Procrastination is the greatest enemy of financial independence, and using a financial planner will keep you on track.

By Sarah Lord

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