Heading off into your financial future without a clear plan and goals is like setting sail without charting your course first. It’s one of the biggest reasons why people feel anxiety over their finances; lack of a plan.
A recent study completed by the Financial Planning Association shows that more than 60% of respondents in a recent study indicated very high levels of negative stress in their life. Furthermore, more than 20% of people who participated in the study said that their stress levels have increased over the course of the past year and more than 30% said that their stress levels have jumped over the last five years.
Prioritizing financial goals and establishing a plan for debt management are some of the most important things that you can do to experience feelings of financial security and lower your stress levels. The study found that nearly three quarters of survey respondents who said they felt clear about their overall financial goals have lower stress levels.
One way to evaluate your current expenses are to assign time frames to your goals, such as short term, medium and long term. Your financial goals can also include looking ahead to the future to establish goals for estate, asset or even business succession planning. A consultation with an experienced attorney can go a long way in helping you to clarify what you intend to accomplish with your financial goals.