9 Financial Planning Mistakes To Avoid Making

Young or old , do people ever really understand how important it is to have a financial plan in place? If you want to reach career goals or personal goals In life then it’s crucial to have a financial plan in place. Here’s how to get yourself on the right road to being financially stable & completely independent.

NO FINANCIAL PLAN IN PLACE

Personal plans usually take priority in most people’s lives, planning a night out or the next big shopping trip , Financial planning is usually pushed to the back of people’s minds without even realising.It’s important to have a financial plan in place this way you can set yourself some goals make it enjoyable and get where you want to be in life much easier than you think.

COMMUNICATION

It’s important to not only think about yourself but people around you when it comes to planning your finances. Do you have a spouse? Or children? Because human emotions usually sway decisions when it comes to finance, managing and investing money sometimes becomes tricky and the wrong decision can be made.

NO RAINY DAY FUND

Things often happen in life beyond our control and we all think that it’s not gonna be us that falls on hard times, when in reality any one of us could lose our jobs or homes at any time we can’t stress enough how important it is to have a little spare cash saved for up to at least 6 months.

COVER YOUR BACK

It’s no secret that as we get older we more often than not are responsible for someone else , think about how they would cope if suddenly you fell ill or suddenly passed away.

TRY AND SAVE A LITTLE

It’s important to get into good habits when you’re younger , try and save a little each week or month. No matter how little or large the amount is it’s something and it will eventually add up. Alternatively you could open a savings account and it’s so much easier to keep track.

REVIEW YOUR PLAN REGULARLY

No one can know for certain what’s going to happen in life , give yourself some peace of mind by taking a rain check on your plans whenever you think necessary but don’t leave it too long.

RETIREMENT PLANS

You don’t just have to pick your retirement date out of thin air , you can do it how and when you wish as long as you plan carefully. After all, we work a lifetime to enjoy our retirement.

UPDATE YOUR WILL

This speaks for itself when anything happens in life such as deaths , marriages, divorces update anything you have in place ie your last will and testament . Some pensions do not cover important parts of your estate , it’s important for people to know what happens if you were to decline or suddenly pass away.

GOING IT ALONE

Sometimes the whole process of financial planning isn’t easy , we understand that . We hope reading these handy tips gives you an idea of how important it is to have a financial plan in place. These are just some of the main things that we think you need to look at when planning for the future.

Categorised in: Investments, Positive Impact, Responsible, Uncategorised

This post was written by duodigitaluk@gmail.com