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Financial planning myths busted

Financial Planning Icons

When it comes to financial planning, there are lots of myths and misconceptions. 

We’re going to dispel some of the classics for you.

Financial planning is only for the wealthy

Not true. The purpose of financial planning is to help you achieve your goals and make the most of your money, no matter where you start. With just a few hundred pounds, you can and should get started today.

I’m too young for financial planning

This one stops many people reaching their goals but, the sooner you start, the better chance you have. The bonus of being young is that you have time on your side, so any investments you make have years to potentially grow.

Financial planning is only about retirement

A good financial plan should include thoughts for your retirement. Paying for holidays, buying a car, or securing your dream home, it’s about planning for the future you want.

Financial planning is just investing

Investing can be a key part of a financial plan, but it’s not the only consideration. From day to day expenses, to saving for your retirement, there are lots of things to think about.

Everyone’s financial plan is the same

We’re all different and that means our financial plans should be different too. There’s no set formula for success. It’s all about finding what works for you.

Planning is a one time thing

It should definitely be a continuous thing. You won’t need to make updates every week. As life changes, from pay rises to new additions in the family, your financial plan will need to flex too.

 

How can I get started with financial planning?

If you’re looking to put your own financial plan in place, we’ve got a few simple tips that will set you on your way.
 

Financial planning tips

 

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