We’ve discussed the critical pillars of financial planning and realized that planning your finances requires that you:
- Are honest about your finances
- Know where your money is by tracking it
- Protect your wealth
We have also aligned the fact that involving your spouse and children in financial literacy is crucial to their financial well-being. ‘Finances’, as we said in the first article, is not an easy topic to discuss. And many young people believe they only need to get serious about it much later in life. This is, however, untrue. Teaching your child to plan their finances at an early age will ensure they live a more fulfilling life.
And while planning helps you prepare for tomorrow, it certainly should not prevent you from living a fulfilled life today.
With a good plan, you should be able to live better and enjoy the time you spend with your family. Think about it. Wouldn’t it be more enjoyable to take your family on holiday, knowing you’re on track with your finances? How fulfilling would it feel knowing your wealth is safe even as you go about your day to day activities?
What happens if you spend more than you intended to?
It is nearly impossible to walk for long on a straight line. This also means that every so often, you could spend more than your budget allows. That’s alright, and there’s no need to suffer buyer’s remorse over it. Shake it off and as you plan, allocate funds for similar instances in the future. There is no better way to learn than through experience. After all, you will have something to teach your children.
Financial planning is not meant to make your life miserable. You need not feel trapped within the confines of your budget. In as much as planning is essential, remember to live. It’s perhaps the one thing that keeps us all going. This year, choose to do it differently.
Take care of yourself, Take care of your money.
Learn. Save. Earn.