Planswell

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...

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 poi...

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...

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 deposi...

Debt is way more than money borrowed from someone else. As per professionals like Planswell , it has become a part of our lives. Despite that, it is hard to count debts as a good thing. So, what’s the deal with these-good debt and bad debt? Keep reading to find out! Good Debt You can define good debt as the money you borrow to make more money or add to your net worth. Generally, these kinds of debts come with lesser interest rates. Here are some of the situations that make you borrow money good debt: Education: That’s because an investment made in education can pay for itself later once you find employment. Real Estate: From residential to commercial properties, you can generate money from your invested real estate. All you need to do is to learn how. Business: The money you borrow with the potential financial rewards in the future can be categorized under the title good debt. Bad Debt Bad debt is exactly the opposite of good debt, and you can define it as the money you borrow to in...

Like any other problem, everybody faces financial emergencies. It affects the cash flow along with various financial management factors. As a result, many people can see major changes in their financial situation when they are hit with sudden emergencies.  For instance, take the pandemic as an example. It caused global financial distress, leaving many people bankrupt, unemployed, and homeless. It indicates that one can never be sure of what is coming. Therefore, the best preventative approach to such a situation is to stay prepared. This means making a financial plan with plenty of space for an emergency fund.  Understanding Emergency Fund Financial experts with years of experience, like Planswell , stress a lot over concepts like emergency funds. The concept of this fund is to set aside a sufficient amount for unplanned spending. It can be in various forms, and without an emergency fund, it can affect your overall financial management. One can also be compelled to borrow mone...

Norm of living together before marriage has become an important decision many choose to find compatibility in their relationship. If you decide to live under the same roof as your dating partner, you may consider compromising to some extent. However, at the same time, there is the opportunity to know them better. This includes financial matters, which can take a lot of work for a conversation to bring up. But, since relationships should be built with the utmost honesty, having tough talk is more than important. Many people may look over the situation initially, but if your partner has bad money habits, it can be a deal breaker for your future relationship.  Therefore, financial experts like Planswell suggest couples follow the tips given below before committing to living together: Discuss Financial Future Couples must discuss their financial goals in the relationship. Therefore, it becomes important to support each other the right way. It is when couples can both determine their g...

A trip, an EMI, or something else, big expenses can have different faces. Moreover, considering their importance, there is barely a possibility of escaping any of them. So, what can be done here? As per Planswell , one of the best answers is to plan a budget for it. Well, are you wondering how to do that? How about you keep reading this blog? Learn About the Time and Amount The first step is to evaluate the timeframe to arrange the money and the amount, of course. It can help you plan the expenses practically. Spare Some Space in Your Budget Divide your required amount by the duration to arrange to discover the funds to save. To get the results, you must identify the ways to put them aside. Identify the Need for an Extra Income   If you find that amount is taking up a big space in your savings, consider it the time to take a side income. Your goal has to earn enough money to cover the forthcoming expenses. Start Saving, but Know the Safe Place First   You need a safe space to ...

Marriage is a constant effort of mutual understanding and respect for each other. But when the spark is dead for a long time, no marriage counseling can help. It is a very tough process to deal with emotionally and financially.  Financial struggles during divorce are a practical issue that almost every couple deals with. Couples form a joint account in the flow of many emotional commitments. Therefore undoing the accounts of such two individuals can be tough work.  However, managing divorce finances is not an easy job. This is because everyone has a different reason for divorce. There is a need for a proper expert’s consultation who can give the right guide for the situation of divorce.  Planswell , a financial planning organization, suggests sorting out finances is the initial requirement of getting a divorce fund. Below are some tips to get a fair financial division in a divorce.   Collect All the Documents This is a process that takes a lot of time to proceed. The...

Thinking about better financial savings than you did last Christmas? Obstacles may remain the same, but you can make your saving strategies smarter! If curiosity sparks in this statement, we have brought a list of strategies you can use.  Under the guidance of Planswell , Here are some of the best ways to save better in the months before Christmas. If you think, “ isn’t it a little too soon,” the sooner, the better results you will find.  Christmas Saving Lists Everybody Needs! Here are some of the best financial secrets to make the best saving outcomes! They are: Track your money It is essential that Christmas may seem too far to keep consistent track of your savings and income. With the best tracking of all your savings, you will have a better idea of how much cash you can spend on Christmas. The more you save, the merrier it is.  Budget your spendings  It is the fundamental step of saving. Keeping a good track of all your spending will help you determine if you ar...

As the Rich Dad, Poor Dad said, money may not be the most important thing in life, but it sure does affect every important aspect of it. That is why there is so much hype about money management. A person who can learn to manage money can sort out a maximum of its life. Planswell focuses on such areas which let you know the importance of money and how you can save more of it.  And as responsible parents, you should be eager to instill such habits in your child as well. But, how can you do this? Well, keep reading!  A Habit Of Saving  Suppose you are spoiling your child with worldly luxuries at the age of three. Chances are that your child will never be able to adapt to a lifestyle that demands a check and balance of finance. Saving is not just related to money, rather, it’s about discipline and adjusting. Hence, get your child a piggy bank of a savings jar, which encourages your kids to deposit cash or coins in it.  Instill Sharing Habits  A lot of money can be...