Why make a financial plan? – Having a financial plan is vital for a variety of reasons. It’s a means of identifying the goals you are aiming for and working out the best route to achieve them.
It involves a comprehensive assessment of your financial affairs – your pay and any other income on the one hand, and all your outgoings on the other. A financial planner can help you consider the pertinent questions around issues such as: the protection of your family and home; how best to save for retirement; the long-term financial security of your children.
It will usually feature a budget to forecast how you’ll remain solvent and also save for the future, allocating amounts to certain types of day-to-day expenditure as well as taking a longer-term view regarding savings.