5 Reasons Why You Need a Financial Plan
Financial Literacy
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| Module 1 | Financial Literacy |
| Unit 1 | Financial Literacy PreTest |
| Unit 2 | 5 Reasons Why You Need a Financial Plan |
| Unit 3 | 5 Common Sources of Income in a Household |
| Unit 4 | 3 Main Categories of Expenses in a Household |
| Unit 5 | 3 Steps on How to Create a Yearly Budget |
| Unit 6 | 4 Ways to Implement Good Budgeting |
| Unit 7 | 4 Essential Formal Financial Services that you Should Know About |
| Unit 8 | Financial Literacy PostTest |
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Unit Summary
A financial plan is a plan you set to make sure you achieve your financial goals for the year.
5 reasons why you need a financial plan:
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Helps you save money to invest for future growth.
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Gets you ready for important life milestones.
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Helps you manage sudden financial changes that can really affect your life.
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Helps you control your expenses even better.
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Helps you reduce your stress and gives you peace of mind.
Hi. In this video, you will learn 5 reasons why you need a financial plan.
Did you know that setting a plan as a guideline to know how your money should be managed, builds up your wealth? Well, Yes! A financial plan is a plan you set to make sure you achieve your financial goals for the year. Learning how to follow your plan, improves your financial situation.
Here are the 5 reasons why you need a financial plan:
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Helps you save money to invest for future growth: By monitoring your savings, you take right decisions on future investments while taking into consideration both your personal circumstances and objectives.
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Gets you ready for important life milestones: In life you go through vital milestones such us marriage, education or a bigger family, a bigger home. Whether using the money you have saved or borrowing money; following a financial plan helps you manage your money to put your dreams to reality.
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Helps you manage sudden financial changes that can really affect your life. Being prepared for such uncomfortable circumstances like a bad year for example, a job loss or any economic slump keeps you secured at least for a while.
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Helps you control your expenses even better: By monitoring your spending patterns and expenses, you can increase your cash flow and you can easily get back on track if you happen to go off limits!
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Helps you reduce your stress and gives you peace of mind: following a financial plan as a guide to your expenses and savings, gives you financial security for the coming years and even sometimes for a lifetime thus, helping you sleep better at night!