10 TIPS FOR FINANCIAL PLANNING

Do you want to begin your 2015 financial year on a good note? Then what better time to review your financial plan!
A financial plan provides you with the financial security to overcome unforeseen events and map out a financial future for yourself. When creating a financial plan you need to identify key achievable goals that can advance your financial situation.

Here are 10 tips for improving a financial plan:

  1. You need to have a clear and detailed personal budget. Review your budget and identify how additional expenses such as life/disability cover or a retirement plan will affect your monthly savings plan.
  2. Determine some realistic financial goals. Is it life and disability cover or retirement and investment planning that you need to consider? Or, maybe it is all of them.
  3. Compose a list of your assets and liabilities, including a list of your current portfolio, such as investments and policies.
  4. Get your partner or spouse involved with the process.
  5. Include details of the income of both spouses. This can encompass future dreams and aspirations, such as buying a vintage car for weekend drives in the country or owning a holiday house.
  6. Be aware of the effects of inflation on market values, in particular with regards to your retirement planning.
  7. Consider the implications of tax. Advice from financial planners cannot be emphasised enough when it comes to the complex world of tax.
  8. When it comes to retirement planning, your retirement fund at work will not be enough. Seek financial advice to secure a comfortable retirement.
  9. Find someone who you can contact to prepare a detailed analysis and establish what the costs will be up front.
  10. Preferably work with a certified financial planner. It is a good idea to conduct a background check by asking for references before working with them.

With that in mind, let us know if you’d like to hook up!

Source: Fin24

Posted in Blog, Planning for Financial Success.