Financial Planning: Your Way To Wellbeing

this post answers the following questions
1. Why should you know the life stages of financial planning?
2. Why should I need insurance?
3. How financial advisers help you with your financial planning?
4. Is insurance covering a part of financial planning?
5. Why should we know our finances?

Financial planning and life stages

Do phrases like ‘pension funds’, ‘savings accounts’ and ‘life assurance policies’ fill you with a feeling of contentment, or do they make you want to put your fingers in your ears?

Your answer to the above question could well have a lot to do with your age and the stage of life you’re currently at. When you think about it, those among us who were planning our financial futures at age 18 are likely to be pretty scarce. Part of the reason for this, of course, is that when you’re 18 and just starting out on adult life there’s so much time ahead of us that it almost feels limitless. A feeling that – when we hit 30, 40, 50 or older – we sometimes wish we could experience again!

Planning support

Making plans for your future in terms of your finances is something that you can carry out on your own – or you can call on the services of an independent financial adviser to help you. Sometimes – especially if you have a lot of financial products to purchase and manage, having an adviser can help you navigate your way through all the small print and maybe even suggest a few areas where savings can be made as well.

Products

There’s a wide range of things that you can purchase or sign up for, including affordable healthcare coverage, savings accounts, life assurance and these can really help make a big difference giving you peace of mind as you set yourself on a steady financial course – giving you more time to concentrate on the other things that are competing for your attention such as work, family and recreation.

The financial planning age

According to new research that has recently been published, the average age at which people begin to plan for the future in terms of finances is 28. And it certainly seems to be a good age to be thinking about the future – at 28 many of us have already started a family, or are planning to start one at some time in the near future. Which of course introduces us to a brand new set of personal responsibilities and helps to give us a new perspective as well. Also, by the age of 28 many of us have a clearer idea of what we want to achieve in our careers and are looking to the future generally.

Reviewing your finances

From looking after your health and family to that of your financial wellbeing, it’s good also to make a review of your finances every once in a while – in order to make sure that you’ve got everything you require, and aren’t paying for anything that you’re no longer in need of. As our lives change and develop, so do our financial needs. In much the same way as we often don’t consider pension funds all that often at the age of 18, just ten years later it becomes an important part of our plans.

Jenni Jones is a writer and blogger who specialises in individual health insurance, fitness topics and stress management techniques.

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