Why you need a Financial Plan

It’s the time of year when many people are setting goals and putting plans in place. These could be for fitness, health, holidays or career related. We often find that one plan people overlook is their Financial Plan. Budgets might be set or products taken out at a point in time but there is no overall plan looking at specific goals, long and short term, and the ways these can be achieved.

There are various reasons that people don’t consider a financial plan. In a recent survey, a large proportion of respondents said they didn’t feel like they had enough money to need a plan, time and difficulty were also given as barriers. But the reality is that without a financial plan, you don’t really know what your financial circumstances are or can be and how your financial goals can be achieved.

Source: 2021 Schwab Modern Wealth Survey

We believe there are three main ways financial planning can help you.

Financial Confidence

Having a well thought out and constructed financial plan that is committed to paper gives you a goal to work towards. Because you can track your progress you can see the progress towards your goal. It can be reviewed on a regular basis to ensure it is on track.

Good Habits

The most common reason that is given for not having a financial plan is “I don’t have enough money”. This is a common misconception and planning doesn’t mean having to have lots of money to start. What it does is help you create good financial habits to make the most of the money you do have.

Tailored and Individual

The best part about a financial plan is it is tailored for your individual circumstances. You may start by wishing to protect your family, build a lump sum or take out a mortgage. This can then be the stepping stone to building a broader plan. This can take into account your short and long term goals as well as your priorities. Your goals may include making plans for funding for your children’s 3rd level education or for your own retirement.

According to the Financial Planning Standards Board, those with a written, comprehensive plan are nearly three times more likely to feel strongly confident about achieving their life goals. A good financial plans is really just a map to reach your goals in life. It provides a way to easily make changes. And to ensure a smooth transition through life’s different financial stages as well as for those unexpected surprises.

At Premier Insurances, we follow a simple 6 step financial planning process and work with you through each step. If you feel now is the time to start putting your financial plan in place, just get in touch for an initial chat.

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