Financial planning is an important part of achieving financial security and getting your affairs in order. It can help you to save and invest your money, become more tax efficient, and plan for significant life events. You can track and measure investment growth, tax saved, even count down the amount of years you have until you can afford to retire. Although these things are important, unquantifiable benefits of financial planning can be just as valuable.
Areas in life that are unquantifiable can be peace, happiness and the ability to remain present, all difficult if not impossible to measure.
So how does a financial plan help?
Having a financial plan in place can provide peace of mind, as you know that you are taking steps to secure your financial future and make progress towards your goals. This can also reduce stress and anxiety, allowing you to time to focus on other aspects of your life. You can receive invaluable expertise from professionalsResearch has shown that people who receive financial advice and planning have better health outcomes, such as a decrease in heart disease, and improved mental health. Financial planning can give people the confidence to make better decisions about their money and health and create a better future for themselves.[1]
Simply talking through your plans with a financial planner can create ideas and a deeper understanding of what it is you would like to achieve, whether this is in line with your original thinking, or perhaps having discussed your situation and objective, they outline options to you that moves your thinking in another direction. Intentionally working on your financial plan can give you a sense of control. This can be empowering and can have a positive impact on your overall mental health.
In short, financial planning can have tremendous value, both quantifiable and unquantifiable. The quantifiable benefits are more straight forward to attribute to your financial plan. While the unquantifiable benefits, which can be just as important, experiencing better sleep, feeling more grateful, becoming more creative in other areas of life, can all be an associated outcome of financial planning.
Reducing stress, increasing peace of mind, and establishing a greater sense of control, should not be overlooked. With the help of a dedicated financial adviser, you can create a financial plan that is tailored to your needs and goals, which can have a lasting positive impact on your life. If you would like to discuss your financial plan, then please get in touch with a dedicated adviser from Wingate Financial Planning.
[1] British Journal of Health Psychology in 2019; by Emma Beard, John McEvoy and Stephen W. Anderson of the University of Cambridge
