Personal Finance: The Importance of a Plan

You may feel confident in your circumstances and confident that, someday, you will achieve every financial goal you want to accomplish. “I’m on to bigger and better things; no time to sit down and plan,” you may say. “I’ve got this.”

But no matter how much you believe in yourself, or how badly you want what you are pursuing, it’s essential to take time to assess your finances and plan for actively achieving what you want.

Here are three reasons why planning is a valuable and necessary part of achieving the major and minor accomplishments you want for your future:

• Set a Path: As clear as your goal may be to you, life is full of distractions and pitfalls. Don’t go wandering through the jungle believing your future is on the other side! If you pause, assess what you want, and plan for what action you will take over a set time period, you’ll have successfully laid a path you can clearly and confidently follow.
• Status-check: If you have crafted a plan, you have a means by which to assess your progress. If you clearly know where you stand, and how much you have left to go, you can relieve worries or doubts you might be feeling.
• Be Committed: If you make a plan, you have pledged to saving and spending with a goal in mind. A plan means you are acting to achieve the future you want. Consider enlisting others with financial savvy to help hold you accountable for your progress. With a plan in place, you and those who support your goals will now have standards by which to measure the action steps you’ve set.

Take time to assess what you want, and what realistic action you can take to achieve your goal.

To learn more about valuable financial habits, visit the Syncis blog at www.syncis.com/blog/.