What is a Good Personal Financial Strategy?
A good personal financial strategy involves effective financial planning; however this is a skill that is rarely taught in schools. The easy solution is to chat to our accounting professionals who offer a range of financial strategy services for individuals and families. Through careful financial planning, we can help you to achieve your financial goals and set yourself up for financial freedom later in life.
Essentially, there are four steps to a successful personal financial strategy: define your goals, make a plan, implement your plan, and make corrections if necessary.
Define your goals: These goals should be very specific and a combination of short, medium and long term goals is a good mix. These can include saving a deposit for a home, buying a new car, paying for a university education for yourself or your children, saving for a holiday, and so on.
Make a plan: This is where sound financial planning becomes important, because you need to assess your current finances and your cash flow and make a plan to free up some of your cash to help you achieve your goals. Our financial strategy services can help you with this step.
Implement your plan: With good financial planning under your belt, your next step is to implement your plan and don’t stray off course. Your plan should also include an emergency fund, so you shouldn’t need to dip into your savings to fix the car for example.
Evaluating: If everything goes to plan, then you are on your way to achieving your goals. Never become complacent about your financial planning, always reassess and make corrections as necessary. Sometimes your goals change, which is why a sound financial strategy is not only robust, but also flexible.
The accounting professionals at Ryan Blachford & Associates are experts at financial planning. Why not ask about our financial strategy services and start looking forward to a positive financial future?