Milestones and money are never far apart
Life is full of milestones. Wonderful, scary, liberating technicolour milestones. Big life milestones are all part of the adventure – but milestones and money are never far apart.
Whether it’s going to uni, moving out of home, buying a home, getting married, starting a family, retirement … your first car, your first Gibson Les Paul, your first faberge egg …
Whatever the milestone, there’s probably a price tag.
Oh and whatever the milestone is, the journey to it probably won’t be smooth. Even the best laid plans don’t go to plan. Life has a habit of throwing us off course.
It sounds counterintuitive, but if your plans stutter you’ll be glad you had a plan …
Plan the twists and turns
A big obstacle to financial planning is the image that it’s only for older people. And / or wealthy people. Then there’s the notion that it involves endless spreadsheets, sacrifice and penny-pinching. Plenty of folks dismiss financial planning before giving it a shot.
Here at Money Means, we believe financial planning is for everyone. It’s hugely helpful.
Financial planning involves setting goals and tracking to get there quicker. It provides accountability. It doesn’t have to be spreadsheets and sacrifice – it is simply managing your money well and making the most of it.
It also means planning the unplannable. We all know life throws curveballs, hence a good financial plan accepts that life rarely draws a nice clean line from A to B. A plan with an emergency cushion means options and more options should life get a bit lifey.
Planning fundamentals
Planning is effectively sorting our money life so it serves us better. With that, here are three fundamentals to get started. And it’s never too early or too late …
Think ahead – work out what your goals are, when you want to achieve them and what they might cost. Whilst your plans will probably change over time, aiming for somethingbrings focus. It’ll keep you moving forward, even if the destination changes.
Start early and break it down – like any goal, the key is taking small, consistent action. Progress may feel slow but over time things’ll come together. Oh and the earlier you start, the smaller the steps need to be.
Plan for the unexpected – As we’ve said already, life doesn’t always go to plan. Having in place sound foundations, such as an emergency fund, life insurance and a will, will make the twists and turns easier to navigate for you and your family.