5 ways a financial plan can enrich your life

Published on: February 22nd, 2022

Financial planning is often thought about in terms of the practical elements, such as investing, budgeting and saving, and these are of course, important aspects. But many people don’t realise that there are a host of other benefits. Here are five ways a financial plan can enrich your life more broadly.

#1 Peace of mind, less stress and better health

Research shows that Australians who receive financial advice experience less stress than those who don’t, particularly when it comes to a crisis, downturn, or period of uncertainty.

Financial stress has a significant number of flow-on effects, impacting mental and physical health, relationships and emotional wellbeing. And it can affect us all. Most of us could recall a time we felt money-related worries, regardless of our income or financial position.

Financial planning takes away this stress as you build a plan for the long-term. Your adviser is there to help you navigate ups and downs, adjusting your plan as circumstances change to keep you on track.

#2 Empowerment and clarity every day

Every day we make decisions that impact our financial future. From more complex decisions, such as buying property or changing careers, to the simpler ones, such as booking a holiday – every spending decision we make will have a knock-on effect.

A financial plan gives you a direction – a compass to make these decisions. Your financial plan won’t necessarily change your decision, but it will allow you to understand its impact on your longer-term goals. And that will lead to clearer, more informed decisions and ultimately, better outcomes.

#3 The opportunity to live your best life

While financial planning is about saving for the future, the right financial plan should also be about living for today.

Your financial situation will change throughout your life as debt, family responsibilities and income ebb and flow, but a financial plan takes all of this into account. It acts as a guide to ensure you can live the best possible life without sacrificing your future at every stage.

#4 A pathway to financial freedom 

The ultimate goal of any financial plan is to achieve financial freedom. While this might sound like a purely financial benefit, it isn’t just about the money, it’s about having choice.

When you have reached this goal, you can decide exactly how you want to spend your time. Work becomes optional, and you can invest time in what is really important to you. You can spend time with loved ones, learn something new or indulge in your hobbies and passions.

Take a second to think about what financial freedom would mean for you – you’ll likely find it’s more about what you would do than what you would have. Imagine what that could mean for your quality of life – the health, wellbeing and emotional aspects are endless.

#5 Leaving a lasting legacy

Whether it’s an inheritance for our loved ones or a philanthropic pursuit, most of us want to give our life meaning and leave a legacy behind. Financial planning can help you shape your impact, structuring your finances to ensure you can support loved ones or important causes during your lifetime, as well as at the end of it.

For some, this may be about giving adult children or other family members a head start, funding education for grandchildren, making a difference through charitable giving, or a combination.

Whatever it may be, you can build it into your financial plan, ensuring you are able to help others without missing out on what’s important to you.

Apt Wealth Partners is an award-winning financial planning firm, with a 30-year history of supporting Australians and their families to reach their goals. We start by understanding you and your values, to help you live your best life at every stage. To find out what a financial plan could do for you, get in touch with our team today.

General Advice warning

The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.