Financial planning is more than a set of tactics. Financial planning is a process that determines how you can best meet your life goals through the proper management of your financial affairs.
10 THINGS YOU CAN DO TO CELEBRATE FINANCIAL PLANNING WEEK: THINK, TALK, ACT ON IT!
THINK!
1. Reflect on your life goals (Own a home? Travel the world? Or simply get by?). Think in terms of shorter and longer-term goals. As well, consider your needs and wants. Financial planning supports your life and it involves much more than just planning for tomorrow. It’s about the continuum of your life, which includes today!
TALK!
2. Talk to your life partner. Money often comes last on the list of relationship conversations but it should be a priority and is an essential part of family life planning. Plan now to avoid money being a stressor on your relationship!
3. Talk to your kids. It’s never too early to teach your kids the value of money and the importance of good financial habits.
4. Talk to a financial planning professional who can help you make sense of it all. CFP professionals are uniquely trained to help you translate your life goals into meaningful financial strategies and in seeing how all these strategies are connected. Before engaging anyone, learn what to look for and what to ask a prospective planner. See 10 Questions to Ask for starters.
ACT!
5. Learn something new. You can start by going to a Financial Planning Week event.
6. Track your spending so you know where that darn money is going. You’d be surprised how you can squeeze out a little savings when you are accountable for every dollar spent.
7. Create a monthly budget.
8. Pay yourself first and start a savings and/or investment program. Even small amounts add up if you save regularly.
9. Pay off debt – especially credit card debt that comes with high interest rates. Keep your credit rating healthy and don’t forget to pay those bills on time!
10. Get help creating a financial plan that looks at the whole picture. CFP professionals say it’s never too early to start, nor do you have to be wealthy to have a plan. Planning is for everyone!
11. BONUS TIP: Brainstorm a few of your own ideas of what you can do to celebrate Financial Planning Week and make them meaningful for you. Remember - it’s about your life!