While many view financial planning as a process it is worth examining its’ wider and deeper benefits and how they can positively impact on your life. Imagine being in a position where instead of using energy worrying and speculating about your future finances you have the reassurance of knowing that you have a long term, all inclusive financial plan in place.
The primary benefit of such a plan is peace of mind which in itself can precipitate a multitude of benefits such as:
- Reduced stress
- Better relationships
- Improved working efficiency
- Improved work and home environment
- Improved work/life balance
- Increased sense of control of your future
I have personally witnessed some of these benefits manifesting themselves almost immediately during the construction of financial plans as clients take the guess work out of their future.
Financial plans should be reviewed at least annually and must, of course, incorporate all elements of your known income, expenditure, savings, protection, pensions and future goals. The use of financial planning tools (see Bellwether’s Blog Personal Cash flow Analysis – Let’s Learn from Business), coupled with expert independent advice, is crucial in achieving a financial plan which will deliver these deeper benefits.