Believe it or not, financial planning not only helps us achieve our financial goals but can also improve our mental and emotional well-being.
One of the key benefits of financial planning is that it helps us to feel more in control of our finances. When we have a clear plan in place, we can better manage our money and make informed decisions about how to spend and save it. This can reduce stress and anxiety around money, which can have a positive impact on our mental health.
Another benefit of financial planning is that it can help us to achieve financial momentum. Whether it’s saving for a down payment on a house, building an emergency fund, or planning for retirement, having a financial plan in place can help us to make progress toward our goals. This sense of accomplishment can boost our confidence and self-esteem, which are important for our overall well-being.
In addition to the mental and emotional benefits of financial planning, it can also have a positive impact on our physical health. Financial stress can cause a range of physical symptoms, such as headaches, stomach problems, and high blood pressure. By reducing financial stress through effective financial planning, we can improve our physical health and overall well-being too.
As a Wealth Advisor, I’ve witnessed first-hand the positive effects of seeing people take control of their finances. People who receive financial advice:
– Feel more in control of their finances
– Feel more financially secure and stable
– Worry less about their finances for retirement
– Feel less anxious about their household finances
– Feel more confident about the future
These benefits are even greater when people work with a financial adviser regularly over a long period of time due to the close, trusting relationship that develops and the reassurance that their money is being looked after properly.
Our financial health and personal well-being are tightly bound together, with money worries often spilling over into other areas of our lives. It’s therefore well worth remembering the benefits ongoing financial planning can bring.
If you need dietary advice, you speak to a dietician. If you want to improve your fitness, you engage a personal trainer. If you’re stressed and want to get things off your chest, you speak to a therapist. Financial issues should be no different.
So if you’re thinking about putting off coming to that planning review, think again! It may bring you more peace of mind than you realize.