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6 Reasons Why Financial Planning Is A Must For Everyone

We cannot begin to stress enough how important financial planning is for a successful and financially stress-free future. However, very often, we tend to believe that financial planning is only for the rich and the well-to-do because they have the money to plan for and not for the ones who aren’t doing very well. This is an incorrect mindset that has been ingrained into our minds by the media, society, and other such external factors.

It is important to know that financial planning is not just for the wealthy section of society, but for everyone. As a matter of fact, if you aren’t very financially secure right now and wish to be so, financial planning is the way to go! Here are 6 reasons why financial planning is for everyone and not just the wealthy:

No financial plan equals hard-to-set financial goals

Without a financial plan in place, it would be almost impossible for you to figure out how much money you’d like to save in the next 3 months or 1 year or for your retirement. So, if you don’t have a roadmap, you really wouldn’t know where you’re going.

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According to a recent study by Financial Engines, those who have a financial plan in place are more likely to save about 10 percent of their salaries for their retirement, whereas people without a financial plan barely end up saving 6 percent. Although 10 percent may seem small, in the long run, it adds up to quite a bit.

A financial plan can help curb savings

When you refer to your financial plans, you know where you’re spending, how much you’re spending, and where you’re going overboard. Therefore, by having a financial plan in place that you follow consistently, you will be able to keep a tab on your savings and stop unnecessary savings.

You can reach bigger financial goals with your financial plan

Everyone has big goals in life. For some it’s buying a car, while for the others it could be buying a home, and for some other it could be going on a world tour once they retire. A real-time financial plan that you follow daily will help you achieve these goals a lot faster. This is because a financial plan will act as a roadmap to reach your bigger goals in life.

Your loved ones will be financially secure

A robust financial plan will also play a major role in securing the future of your family in the case of unfortunate circumstances. This would mean including health and life insurance in your financial plans. Ensure that your financial plan is diverse and not only includes savings but also investments.

A financial plan means a lesser credit card debt

A financial plan helps you have lesser credit card debt as it helps you keep a tab on your expenses. If, by any chance, you do end up accumulating credit card debt, it will help you pay off these debts much faster.

With a financial plan, you’re better prepared for an emergency
A financial plan puts you in a place of security, both financially and mentally. When an emergency of any sort comes along, your mental and financial security help a great deal in overcoming it.

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