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Financial planning for your future. By Frank Fernandes

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Financial planning for your future. By Frank Fernandes

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Welcome! You may have heard the adage that, "failing to plan is planning to fail." This is also true when it comes to  finances. Implementing a financial plan will enable you to prepare for retirement, become debt-free and improve your quality of life. In this forum, I will endeavour to highlight the importance of having a financial "safety net" and how budgeting and saving is a critical part of financial planning. 

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Welcome! You may have heard the adage that, "failing to plan is planning to fail." This is also true when it comes to  finances. Implementing a financial plan will enable you to prepare for retirement, become debt-free and improve your quality of life. In this forum, I will endeavour to highlight the importance of having a financial "safety net" and how budgeting and saving is a critical part of financial planning. 

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Video One--safety net.                           A good financial plan starts with having a "safety net," also known as an emergency fund. This video is not long but the information is very concise. It provides simple steps of how to start an emergency fund and its purpose. Saving money does not have to be difficult and this video demonstrates this in three very easy steps. I believe its simplicity will be useful in helping others understand that having a "safety net" is not just necessary but easy to accomplish.

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Video One--safety net.                           A good financial plan starts with having a "safety net," also known as an emergency fund. This video is not long but the information is very concise. It provides simple steps of how to start an emergency fund and its purpose. Saving money does not have to be difficult and this video demonstrates this in three very easy steps. I believe its simplicity will be useful in helping others understand that having a "safety net" is not just necessary but easy to accomplish.

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https://www.youtube.com/watch?v=tlE7Pwx5Ehg

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Preparing for the inevitable is wise so is having a safety net. This article provides very sound advise and some pros and cons of not having a safety net. There are hurtles to building a safety net as suggested in the article, nonetheless, having at least six months savings to cover your expenses will give you peace of mind when an "event" occurs. Life happens such as car repairs, replacing appliances that no longer work, illness or being laid off or unable able to work. Being prepared just makes sense. If you have children, your chances of an emergency has doubled. What I find useful in this site is that some people may find it difficult to save six months salary, however, it goes on to suggest at least have a minimum, $1000.00, to cover the cost of a car repair. While it may not fully pay for the repair, it will elevate the impact of the repair bill.

https://www.moneytips.com/life-without-a-safety-net

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Clip art 1-Proper planing with a "safety net."

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Clip art 1-Proper planing with a "safety net."

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Most people are living from pay cheque to pay cheque. If an emergency was to happen, such as a major car repair, he or she won't have the funds to cover the cost and ultimaly a credit card or possibly even getting a small loan will be necessary to cover the expenses. However, by having a safety net in place, it will help alleviate the financial burden of the needed repair without affecting
your incoming household income. http://www.clipartguide.com/_pages/0060-0807-0913-4557.html

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https://youtu.be/SciuwKxswr0
Canadian's debt load is high and it continues to rise each year because we are living beyond our financial means. However, one solution to control spending is to have a budget in place. A budget helps you understand where you are financially. This video explains what a budget is, why it is important, and the necessity of having a budget in place. One exceptional point of the video is the suggestion that it is not how much money a person earns that enables her or him to reach the financial goal, but how much she or he saves. The fact is that people think that they need to make a lot of money to save, however, this is untrue.

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Clip art 2-It starts with baby steps. The money tree doesn't exist, however, like a small seed, if you start putting away even a minimum amount of money into a good savings vehicle, with compounding interest, your investment can grow exponentially in no time. This is one easy way to have your money work for you. While money may not grow on trees, it will surely grow in a proper bank account if you consider the Rule of 72. 

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Clip art 2-It starts with baby steps. The money tree doesn't exist, however, like a small seed, if you start putting away even a minimum amount of money into a good savings vehicle, with compounding interest, your investment can grow exponentially in no time. This is one easy way to have your money work for you. While money may not grow on trees, it will surely grow in a proper bank account if you consider the Rule of 72. 

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Article 2.                                   Steps you can take to “spring-clean” your finances.            Saving money is not hard, but why don't people do it. Simply, they do not plan for it. Having both a short and long term  financial plan can help ensure you meet your objectives. On this site, the article provides 8 important steps for finances. Of note, the first step speaks of  budgeting. Budgeting is essentially establishing your short term finical goals after reviewing your incoming house hold income. The article goes on to provide  strategies, such as becoming a tax master which can you better understand money management.       https://yourfinanciallife.bmo.com/articles/organize-finances-211118/#.WsYqfi8ZNE5

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Article 2.                                   Steps you can take to “spring-clean” your finances.            Saving money is not hard, but why don't people do it. Simply, they do not plan for it. Having both a short and long term  financial plan can help ensure you meet your objectives. On this site, the article provides 8 important steps for finances. Of note, the first step speaks of  budgeting. Budgeting is essentially establishing your short term finical goals after reviewing your incoming house hold income. The article goes on to provide  strategies, such as becoming a tax master which can you better understand money management.       https://yourfinanciallife.bmo.com/articles/organize-finances-211118/#.WsYqfi8ZNE5

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Video Three--The benefits of finical planing 

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Video Three--The benefits of finical planing 

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https://www.youtube.com/watch?v=AEUUZA9Y6bs
This video, like what we have learned in our Money Matters course, provides sound advise for completing a financial plan. Once you have a budget in place, you still need to have a financial plan. This allows you take a look at your entire financial situation. This includes, assessts, liabilities, retirement and financial goals, such being debt free. It further sets out that a financial plan is similar to a road map which helps you get where you want to go financially. One of the things that I found was very useful was that a financial plan is a living document and is subject to change. It does not have to be ridged or restrictive. It can actually be quite fun to do.

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Clip art 3--It ultimately starts with you. You can have the best financial plan in place and have the money and motivation to save, but if you are not discipline you will not be able to achieve your objectives. Become discipline by starting with  small obtainable financial goals like having a percentage of your income automatically deposited into a saving account. You won't miss what you don't have. By being financially discipline, you will increase your wealth, meet your financial obligations, and more importantly,  increase your quality of life by having limited to no finical worries because you have taken the necessary steps to finically prepare. Furthermore, you will be pleasantly surprised how quickly you can save by having your money automatically deposited. 

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Clip art 3--It ultimately starts with you. You can have the best financial plan in place and have the money and motivation to save, but if you are not discipline you will not be able to achieve your objectives. Become discipline by starting with  small obtainable financial goals like having a percentage of your income automatically deposited into a saving account. You won't miss what you don't have. By being financially discipline, you will increase your wealth, meet your financial obligations, and more importantly,  increase your quality of life by having limited to no finical worries because you have taken the necessary steps to finically prepare. Furthermore, you will be pleasantly surprised how quickly you can save by having your money automatically deposited. 

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http://www.clipartpanda.com/clipart_images/self-discipline-csp22190016-65632142

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https://www.mymoneycoach.ca/saving-money/saving-tips/how-to-save-money
Now that you have put a financial plan in place now what? You have to save. In this article it provides you with great strategies of saving money. As mentioned earlier, you don't need to have a lot of money to save. The article teaches that by putting away small amounts regularly, paying yourself first, or by having electronic deposits directly into your savings account will enable you to meet your financial goals faster. A useful point is when starting to save money, open an account which is not easy to access or attached to your debit card. If it is easy to get to you may be temped to spend it.