Financial planning is required in our daily lives. There is notion that we need to work very hard for our boss to earn some money. When payday comes, you tend to splurge it. That is totally acceptable because you also need to pay yourself from working hard. But, when the money is already consumed, again, you need to work hard. It will be a continuous routine that you work then you spend. However, how long can you earn? What if the company you are working with will be gone sooner or later?
You have future needs that will come and we need to prepare for it. You need
to accept that scenario before you struggle financially. We can plan it now.
First we need to analyse on what stage of our lives we are in. Financial planning and Retirement Planning is critical in this part.
At age 20-30, this is the stage after graduation and you’re excited to find a secure job. You might not probably thinking to save for your future expenses at this moment. You will enjoy life first.
If that is your choice, it is totally acceptable because you also need to treat yourself from all the stress from work. At this age, you may have your own car and go to parties and enjoy life.
At age 30-40, you now start your own family. You might not save at this moment because your expenses are getting bigger. You now already have an electricity bill, hospital bill, water bill, phone bill… and you probably tend to save some money later.
At age 40-50, you now have bigger expenses because your children are now going to school. It would be challenging to save at this moment because you need the money for education and you probably think to save later.
At age 50-65, you might already retire or lose the job because the company has been dissolved and you did not save any money for your present and future expenses. At this age, it is hard to find a new job because of the age. Still, your expense continues to grow but your income stream narrows when you do not have enough savings.
Our main goal here is to start saving for our future needs and have your financial planning. If we have extra money, then allot it for your savings. It is acceptable to splurge and enjoy life like buying clothes, travel, going to parties… as long as you have extra money.
Remember that our main priority here is to save first before you spend.
Financial planning is applicable on whatever stage you are into right now.
If it is too late for you, it is better than late than never. The best
financial advice or tips for your retirement planning is to start saving now. Happy
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