Think financial planning is a one-time thing? Think again! While it would be nice to have one budget that lasts a lifetime, the assumption that one plan fits all could leave you financially unprotected. Just like we implement healthy habits such as eating well everyday and paying our bills on time, we should also make financial planning a lifelong activity.
Our financial needs and abilities change over time. If your budget isn’t going to get you to your goals, whether that be in six months or six years, your financial plan may require a tune up. Here are three instances where you could benefit from updating your financial plan:
- Free of Debt: If you’ve successfully paid off your credit card debt, you can determine where the money you used to lose will now go, and accelerate your progress toward that goal. You may also want to set your saving sights on acquiring insurance and growing an emergency fund, if you have not already done so, or else risk falling back into debt.
- Your Dreams Have Changed: As we age, our families and financial strength grow, and our hopes for the future evolve. Your plans for retirement could dramatically change; for example, you may now realize you want to retire abroad!
- Your Income Changes: Are you making more money because of a raise, or new career? This is an opportunity to accelerate your savings and make your plan a reality that much sooner! Conversely, if you are struggling to meet your goals, you might want to pursue an additional, second career, to help you get your progress back in-line with your plan.
Don’t be afraid to course-correct your finances! To learn more about how to improve your financial life, including embarking on an exciting second career, visit Syncis at https://www.syncis.com/blog/.