It is often said that change is the only constant in life. While some events in life can be planned for, other events can happen out of the blue. All the more reason to consider a personal financial plan, which will provide peace of mind that whatever is around the corner, you have adequate resources set aside to manage.
A financial plan should incorporate you and your family’s needs and objectives, and ascertain where you are now, where you want to be and when and how you are going to get there. Your goals can then be categorised by timeframe and priority. Studies show that people who put their goals on paper are more likely to reach them. It is important to be realistic and find a balance between expected future lifestyle and the required level of saving.
By Rhian Morgan, financial planner at Accredited Financial Planning firm, Acumen Financial Planning