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...

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 leadi...

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.  Und...

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...

From building an estate to going on an international trip, everyone has their own reasons to save. However, goals like retirement stay the same for every person. After all, it is necessary to save for the future. Considering that, this post will cover the common and helpful tips to land you on the safe side for your after-retirement days. Moreover, professionals like Planswell always suggest being prepared for finances beforehand. So, let us get started, shall we? Get Started Now The ideal time to begin saving is today, so if you haven’t started planning for your retirement, do it now. Automate Your Savings Make contributing for retirement the first thing to do after receiving the paycheck.  Discuss With Your Significant Other From mortgage to your favorite car, you share many things with your significant other. So why not plan together for retirement? Control the Spending Go through your budget and see the areas where you have been splurging relentlessly. Spend, but wisely. Use t...

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...

Asking for monetary help is an inevitable factor in life's uncertainties. Be it for a home loan, personal loan, or educational loan. The idea of taking out a loan is often viewed negatively.  This is mostly because of the understanding that a loan comes with a responsibility to pay it back on time. The bigger the amount, the more responsibility.  However, getting financial help is sometimes a good thing if you are someone who can pay it back. But, taking financial help often can only increase stress. If not managed well, eventually, it can lead you to the debt trap.  Therefore, experts like Planswell suggest taking only the amount you can pay back is wise. But what is a debt trap, and how can you prevent it? You can find the answer through this blog.  Understanding Debt Trap A debt trap is when a person is compelled to take new loans to pay off their existing loan amount. This is a common case that individuals face if they surpass their time to pay off their debt. O...