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You may have come across the term "financial planning" and wondered what it means. You may have decided to start your own financial plan but you’re not sure how. Or you may feel it’s time you went to a financial planner for some professional advice.  No matter what category you’re in, attending a Financial Planning Day in your area can help you get the information and resources you need.    

What Is Financial Planning?
Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement.  The financial planning process involves the following steps:  

  • Gathering relevant financial information
  • Setting life goals
  • Examining your current financial status
  • Coming up with a financial strategy or plan for how you can meet your goals
  • Implementing the financial plan
  • Monitoring the success of the financial plan, adjusting it if necessary 

    Using these steps, you can determine where you are now and what you may need in the future in order to reach your goals.

    What Are the Benefits of Financial Planning?
    Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage faster, or it might delay your retirement significantly.

    By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

    Can You Do Your Own Financial Planning?
    Some personal finance software packages, magazines or self-help books can help you do your own financial planning. However, you may decide to seek help from a professional financial planner if:

    • You need expertise you don’t possess in certain areas of your finances. For example, a planner can help you evaluate the level of risk in your investment portfolio or adjust your retirement plan due to changing family circumstances.
    • You want to get a professional opinion about the financial plan you developed for yourself.
    • You don’t feel you have the time to spare to do your own financial planning.
    • You have an immediate need or unexpected life event such as a birth, inheritance or major illness.
    • You feel that a professional adviser could help you improve on how you are currently managing your finances.
    • You know that you need to improve your current financial situation but don’t know where to start.

    Unless otherwise noted, the content, program names and related elements are owned collectively by the Financial Planning Days Consortium.

    Copyright © 2010 Certified Financial Planner Board of Standards, Inc. All rights reserved.
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