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In today's world, as the cost of living is increasing, it has become more important than ever to have a solid financial plan. Financial planning is the process of creating a roadmap to help you achieve your financial goals and objectives. It involves a range of activities, such as budgeting, investing, saving, and managing debt. In this blog, we will analyze why financial planning is more important now than ever before. Unpredictable Future The economic landscape is becoming difficult to predict what the future holds. We are living in an era of volatility, uncertainty, complexity, and ambiguity (VUCA). As a result, it is crucial to have a financial plan that is flexible and adaptable to changing circumstances. This means that you need to have a plan that takes into account different scenarios and potential risks. Declining Purchasing Power The cost of living is increasing, and it is becoming harder to keep up with rising expenses. The cost of healthcare, education, housing, and oth

Are you always in arrears with your friends by the end of the month? Do financial problems take a toll on your mental health? In that case, it's high time to put in real effort. The money troubles peak if you are afraid to even start. It does not matter how you fail or make mistakes. What matters is how you use those mistakes to plan a better financial future.  Financial anxiety is one of the least talked about issues, but ironically its prevalence is only growing over time. So what can one do to make the wise choice of getting money management done? Take the chance with your budgeting, sick to it, determine your financial goals, and fulfill them over time.  Nothing Changes When Nothing Happens! One of the biggest struggles young adults often face is the pressure to reach financial stability. Many people often focus too much on the result, so they get too anxious about saving up.  According to financial advisors in Planswell , the cause of financial pressure further leading to proc

Can One Be Financially Independent in Their Early 20s?  Young adults coming out of their parent's homes for college or other goals of their own often dream about being financially independent. It is a positive sign for many to show the desire to be responsible for their own life.  But how often can it turn into a reality for a 20-year-old? In countries like America and Canada, it is a relatively easy goal. Given the fact that there are many opportunities and financial awareness amongst young adults compared to other countries. But still, a good amount of young adults also struggle to achieve financial independence.  Therefore, here is some advice from experts of Planswell for 20-year-olds about financial independence.   Hard To Swallow Pills If you are not getting paid enough, it can not be easy to be financially independent unless you earn better.  If you do not live a lifestyle below your means, financial independence is a difficult goal to achieve.  Understanding the concept of

Once you start earning on your own, the first thought is to reach financial independence. But this dream can only be achieved with effort, especially if your pay is sufficient for spending. In short, achieving financial independence is an approach that requires a lot of patience along with goodwill and persistence.  But it is possible to build your wealth over time. Once you start with financial management, a big part of your daily stress and anxiety related to finance can be put to ease. Big advisor firms like Planswell often suggest their clients invest in good tools and time to sort out personal finance.  However, before digging into the bright solutions, it is essential to know the poor financial habits that can cause the failure of financial plans.  Poor Habits In Personal Financial Management  Some of the self-deprecating financial habits leading to failure of financial management are as follows:  Mindless Spending  We are all guilty of it at one point in our life. Commonly, som

April is soon to come with the reviews of your finances. Wondering why? It's the financial literacy month in which people analyze their financial performance.  Also, it offers the opportunity to learn financial skills and visit financial planning firms like Planswell , which helps them improve their finances.  As this is about financial literacy month, we are here to improve financial literacy. So, don't feel bad even if you are unaware of financial literacy.  Keep reading this post to learn the important edges of financial literacy. We will also discover tips to improve fiscal health during this month.  What Is Financial Literacy? Financial literacy is about understanding the importance of financial planning and using skills to improve your financial situation. This includes personal financial management, budgeting, investing, and target financial goals.  What Do You Know About Financial Literacy Month? Financial literacy month is a time when people should take out their preci

A t present, every sector of the economy is highly dependent on credit. Businesses can purchase the tools and equipment on credit needed to produce items for their consumers. Similarly, consumers can easily make purchases on credit without accumulating a high budget.  According to Planswell , credits and loans can contribute much to the economy functioning. But what if you fail to get credit anymore? You must be wondering about the reason. The answer is Credit Mistakes! So, let's discover which credit mistakes you should avoid this year to have healthy financial status.  What Are the Credit Mistakes That You Should Not Repeat in 2023?  If you wish to boost your credit score, you should avoid the mistakes that we've discussed below.  Late in Paying Installments  When you don't make payments on time, it leads you to deal with late fees. Once your credit score is filled with charges and fines, it becomes difficult to pay all charges. The more you get late in depositing charges