Why Have a Financial Plan?

Posted on August 27th, 2014 by Discount Debbie

financial plan

Financial planning can be important for a number of reasons. It can give us peace of mind, help us plan for our future, and lets us know when we need to add to our plan. Most of all, it’s a blueprint of where you are financially and where you are going.

Reduces Stress

Having a plan when it comes to your finances can help fight off the anxiety you may feel about your financial future. If you feel uncertain, tense, or all around frustrated about your money, you need a financial plan. It gives you a sense of control over your money and financial situation. It helps you feel secure in your living condition. In short, chances are if you are feeling stress over money, a plan will help ease your mind.

Extra Expenses

Sometimes a bill will show up, that you have forgotten about. Sometimes you have an extra expense you know about like a birthday party or gift. ¬†One way or another you will need to know when you need extra money. It could mean that you cut back on other items or that you work extra hours. The important issue is knowing when it’s necessary to have that surplus of cash available to you.

Timing

Let’s face it. You may make enough money to make ends meet, but it doesn’t show up in your account quite when you would like it to. Mapping out your monthly bills and your paychecks will show you when you have the money to pay certain bills. Sometimes you will need to pay bills early or save the money for when the bill is due. Other times you may have the money right on time. Either way you need to know when you can count on that money being there for the the things you need.

 


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