What is financial planning?

Financial planning is a professional service for anyone, including individuals, perhaps their families, and businesses. A financial planner provides assistance in organising their financial affairs to achieve their financial and lifestyle goals.

Do I need financial planning?

If your financial situation is simple, for example if you are only looking for a mortgage, or a single product, you may be able to manage this yourself. If your finances or needs are more complex, you might find it better to work with a financial planner.

Financial planners are able to consider your finances, lifestyle and life goals in a holistic way and provide expert guidance that’s tailored specifically to your needs. They also provide a steadying hand to cope with any of life’s unexpected hurdles, this is all worked into your plan.

It might involve saving or investing to purchase something important to you, putting wills in place to protect loved ones, thinking about how your family will manage if your income falls or you become ill - it involves thinking about all of these things together i.e. your 'plan'. You can build a plan on your own, or if you would like some support, and your needs are more complex you might want the help of a financial planner.

You can start by working out your goals in life, short, medium and long term. Prioritise them, and think about the likely cost of those goals and when you will need the money, so you can start to plan your finances to work out how to achieve them. You will also have to plan for some of the hurdles you may have to overcome too. It’s about getting organised and being in control of your finances.

Create a sound financial plan in six steps

Step 1

Establish your goals in life – short, medium and long term

Step 2

Work out what assets and liabilities you have – write them down

Step 3

Evaluate your current financial position – how close are you to achieving your goals?

Step 4

Develop your plan – create a “route map” for achieving your different goals

Step 5

Implement your plan – make the changes and make it happen

Step 6

Monitor and review your plan at least yearly and make adjustments when needed  

Useful links

Get started with your finances today

Case study: Making the money last


Five reasons why you need a financial planner


Help with inheritance tax - wearejust.co.uk

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