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What is a financial plan?

This is one of the most common questions we get asked here at Money Guidance. To better understanding financial planning, we recommend checking out our handy planning tool to visualise what a plan actually looks like, as well as the information needed to support it.

The short video below is also a good starting point to learn more about the financial planning process, and you can download a few sample reports to look at an example for yourself.

Benefits of a financial plan

Sound financial planning is not about short term fads that you see on the internet or social media . It’s about following a simple, reliable strategy, backed up with a solid understanding of the basics – your basics.

First, you need a “big picture” plan. Where do you want to be in ten years, twenty years, or more? Of course, things will always change. But having a plan will help manage life’s ups and downs, and your plan can always be adjusted and refined along the way.

Set both medium and long term goals..
We’ve got a handy tool to help you get started, but you could also try one of the apps below if you want to learn how to budget better or make your money work for you

Creating a financial plan…

If you think a financial plan sounds like a good idea, then the first step is to understand your assets, liabilities, income and expenditure. Once you know your numbers, a money coach can help model different scenarios to help you work out your options.

You’ll then be able to make informed decisions, such as using a budgeting tool, putting aside some money towards savings or reappraising your pension needs.

  • Firstly, have a look around the Money Guidance site –  it’s full of FREE tools and articles on a number of topics.
  • Answer our risk profiling questions (there are 10) for a summary of your own ability to tolerate financial risk and see how you compare to others.
  • Be clear about why you want a financial plan.  What are your priorities?  For example, perhaps you want to make adequate provision for your retirement years or, alternatively, set up an effective investment strategy for the medium term (towards school fees, a holiday home, a sabbatical from work, etc.) ?
  • Book a session with us! It’s quick and easy to do so, just see our “Getting Started” page.
  • Complete as much as you can of the Fact Find Process (an online way to summarise your financial position in one place). This will help us guide you to the most effective tools for you.
  • Try an initial coaching session with a money coach.
  • Finally, review the whole process. Did it work for you?  Did you get what you wanted?

Need help creating a financial plan? Money Guidance provides a money coaching service. It’s easy to get started, just book an appointment and answer our online questionnaire.

Benefits of Life Financial Planning

Sound financial planning is not about pursuing the investment fad that you might have seen on the web. It’s about following a simple, reliable strategy, backed up with a solid understanding of the basics – your basics.

First, you need a “big picture” plan. Where do you want to be in ten years, twenty years, or more? Of course, things will always change. But having a plan will help manage life’s ups and downs, and your plan can always be adjusted and refined along the way.

Set both medium and long term goals so you have a greater chance of achieving them.

We’ve got a handy tool to help you get started, but you could also try one of the brilliant apps below if you’re looking to learn how to budget better or how to make your money work for you.

moneyhub
money dashboard
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