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Budgeting &  Financial planning

Budgeting is an important financial approach. It assesses how much you earn, how much you spend, and assists you with spending less than what you bring in. Financial planning, on the other hand, examines your current economic state and creates a complete portfolio by predicting future money flows, asset values, and withdrawal strategies based on data that are currently available.

Budgeting focuses on immediate money problems. You look at how much you earn, ascertain how much it will require to support your current lifestyle, and then decide on a strategy. Once you create a strategy, you design a spreadsheet so you can track where you’re spending money. The benefit to budgeting is that you consciously decide where your money is going. Not only does this ensure you balance your checkbook every month and pay your bills on time.

Financial planning considers your entire life. Financial planning also uses math to make decisions about money, but it’s about reaching larger, more long-term goals. It asks, “Who are you? Who do you want to be? How should you adjust your current lifestyle to achieve the lifestyle of your dreams?” Maybe the most important question of financial planning is “How can you get the most out of your life?”

By inquiring about these questions, financial planning forecasts practical steps you can take as new possibilities arrive. While budgeting is important to financial success, it only accounts for what you do with your money. Financial planning, on the other hand, follows a slow-and-steady approach, using money to project a destination.

Please contact us if you need help with getting your future planned out.