Why Most People Struggle With Financial Planning

Everyone wants to save their money, build equity, and achieve (as close as they can) financial freedom. But Financial planning isn’t always so easy.

What are the most common struggles most people face?

This is a sponsored post. All thoughts and opinions are 100% my own and not swayed in any way.

Finding The Motivation To Make A Plan

Just finding the willpower to finally do something about your finances, can be emotionally and mentally exhausting at times.

Even if you aren’t in debt – making the conscious decision to stick to a well-balanced budget can be a lot to think about.

The tedious task of evaluating your expenses/assets, or the anxiety therein, could keep you putting off financial planning more and more.

You have to have the right mindset to achieve any goal. Use vision boards, talk to your partner about realistic goals or make a wish list. Whatever it takes to manifest what you want a better financial situation to achieve for yourself – then, get excited!

Once you find the motivation to act on your finances, will you have the drive to start creating, and putting your plan, into motion. If you do not want to tackle it completely by yourself, you can always search for services in your local area that can help you set out what you need, for example, a quick search of “financial planning near me” can give you targeted results you’ve been looking for.

Remember financial planning isn’t a one-time thing…

Often times, people set their budget, and never take another glance at it again. Then, they wonder why they haven’t reached their goals fast enough.

Even if your income and expenses haven’t changed, you want to keep a close eye on your budget and financial goals.

Just because you think you’ve run the numbers a hundred times, and calculated your spending habits perfectly, situations and circumstances change. We get so used to paying the same bills every month, we often forget they are there!

Six months after creating your budget, you may realize you don’t need certain luxuries like streaming services or magazine subscriptions. But if you never take a look at your monthly expenses, you might not realize that’s money you could save if you canceled these things!

It never hurts to regularly re-evaluate the budget you have set, and see where you can make more adjustments. Having another set of eyes, like Financial Professional  Jason Vanclef, is an extraordinary benefit as well. Someone with financial planning experience will have the knowledge to help you fine-tune your budget to reach your goals more effectively!

Don’t stray too far from the plan!

Life has its ways of deterring us from our goals.

No one ever plans for emergency surgery. Or, their car breaking down. But Life’s major setbacks like these can make it too easy to stray too far from the original financial plan we have set towards debt freedom.

It’s important to build and save a nest egg, just for these types of emergencies. Even if you have overwhelming debts to deal with; you can budget a small amount of money dedicated just to your savings. These savings can be a real lifesaver when Life decides to throw the proverbial monkey-wrench in your plans.

But even if you don’t have a major financial emergency – you never want to stray too far from your budget. Expensive nights out, vacations, and unnecessary spending can set you behind on goals. Which, is what most people struggle with when it comes to financial planning.

It may not seem like much, but added expenses when they aren’t really needed can set you behind on your goals. So stick to the grindstone, and don’t stray too far from the plan you have in place!