Why a Financial Plan?

Ashleigh Fonseca has taken the time to tell us why it’s important to have a financial plan – some great advice as we all get ready for our year-end goal setting.

It’s that goal setting time of year again.  Lately, in our already over-scheduled world,  there’s been a push-back against goal-setting.  We often wonder why we should plan?  Is this really going to help? When it comes to your financial plan, it’s a fact that people with a financial plan worry less and save more.

A financial plan can help to:

  • Know where your money is going
  • Understand where the money will come from for your family’s changing needs
  • Prepare for different stages of your life
  • Maximize your retirement savings
  • Protect your hard-earned money against the unexpected
  • Manage taxes

We all have goals and desires for the future – education, travel, or start your own business – are you prepared to make them a reality?

What is a Financial Plan?

It’s simply your list of short- and long-term goals that are important to you, with an outline of how you’re going to use your money to achieve those goals.

Short-term savings goals tend to focus on lifestyle expenses like trips, new property or a new vehicle.

It’s also a good idea to think about building an emergency fund and putting more money aside for your retirement.

So, in the New Year when you are sitting down ready to start planning for your year, keep in mind that a goal will state…

  • what you plan to accomplish
  • what resources you’ll need to make it happen
  • how much time you’ll need to make it happen
  • how you plan to make your goal fit into your overall budget and life

Have a great holiday season and enjoy life’s precious moments and plan for the future.

You can contact Ashleigh at ashleigh_fonseca@sunlife.com


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