Thomas Jefferson once said: “Never spend your money before you have it” and he could not have been more right.
Being in control of your finances means that you need to plan and understand them. How much is coming in? What needs to be paid? How much do you want to save? When do you want to retire?
All of these factors play a role in your day-to-day life and should play a major part when you plan your financial future.
What is financial planning?
It is a process of structuring your financial resources to meet your life goals. These can either be short-term goals or long-term goals.
Why should I take financial planning seriously?
When it comes to your financial well-being you should always be on top of your game.
Benefits of planning:
- Assists you in determining your spending priorities for the future
- Helps you develop the discipline to save
- Helps to avoid unexpected money shortages
- Helps you feel less financial stress
- Gives you a realistic picture on your expectations
- Helps in setting measurable financial goals for the future
- Helps you to understand the effect of everyone single financial decision
- Helps you realise that you are in charge of your own financial health
With all these great benefits, we can’t think of any other reason why you won’t start planning your finances today.