Planswell

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

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 money and oft

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 goals

Thinking of hiring a financial planner is just the start; the whole process demands a lot from you. As Planswell suggests, hiring financial planners can easily lay off your load. But, being cooperative and flexible with them would do most of the job.  Bringing financial advisors into the game is not just a one-time thing and an end of responsibility. The process starts with you being flexible and cooperative with everything they ask for.  So, here are a few tips that can help you get out the most of your hired financial advisor: You must be open, interactive, and honest with your financial advisor. You won't let them work properly if you stay shut about your expectations, overall revenue, expenditure, and why you have them onboard. Financial advisors are supposed to manage your finances most strategically and constructively. Keeping things from them can simply burden you even more.  You need to be attentive to what they advise you. Financial planners do not have limited responsibi

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. Therefore, it is advis

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 are making good use o

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 saved if your child is

A step by step approach to meeting the goal of one’s life is financial planning. A financial plan behaves as an escort as you go through the journey of your life. A financial plan helps you be in control of your expenses and investments. It ensures that you manage your money and achieve your life goals. Here are 5 steps to creating a successful financial plan -  Think and understand your current financial situation -  This is the first step in financial planning. Financial planning provides you with the state of your finances and ways to improve. Explore the status of your present finances, viz., your income, expenses, savings, debts, and investments.  Note down your financial goals -  Ask yourself: “what types of financial goals would you like to achieve in your life? Write all the goals you want to achieve whether it is too small or too big. Don’t hesitate, make sure that your goals are specific.  Explore different investment options -  There are various investment options available

As we grow, we realize that money needs to be hard-earned. We also start to acknowledge the importance of planning. Goal-based planning is a concept of personal financial planning that helps set financial goals for different stages of life. Be it saving up for buying a house, your child’s higher education and marriage, or even your retirement fund.  These are all matters that will require saving, planning, and investments, which is why goal-based planning acts as a financial foundation for your life that waits ahead.  Why is Goal-Based planning important? Living a happy life is not a linear approach which is why your financial goals should not be linear too. You cannot fulfill all your requirement with a single saving. Thus, Planswell , an online financial advisor company, suggests that you will need to save in a smart way that can cover your child’s education, fulfill your dreams like buying a car or a house,  and at the same time help you save up good for your retirement days. Goal-b

Buying your first home is one of the most significant self achievements that one can measure and is a concrete step that helps you set a new beginning for your financial future. But before you make this big decision, Planswell , a certified financial advisor, is here to suggest some tips for first-time home buyers to enjoy a well researched and dwelled upon purchase that offers a good deal.  Are you sure about a loan?  The first and foremost thing to be sure of is that you are okay with taking a loan, as, after the loan, you will be repaying it for the next 15 to 30 years. Given this, if your answer is straight no or somewhere near a confusing yes, you may require to rethink your decision. A good credit score  It is wise to maintain a good credit history if you ever wish to buy a  house, as it is one of the most fundamental factors that is taken into consideration by the lenders. It is best not to opt for a new credit line. However, if you are someone struggling with moderate credit s

Education may not have given us the idea of dealing with our financial challenges and how to save better. Still, we all agree that while growing up, we were introduced to the same old pattern of spending less, saving more, and investing in early financial management strategies that now stands as the fundamental step of personal finance management. Through this article  Planswell , a financial advisor company, will clarify some Financial Myths that may be causing you a lot of financial stress. Financial Myths And Facts Myth: Investing is only for the rich Fact:  It is one of the most popular misconceptions, as many people believe that investing the money they have earned over the years is too risky. Instead, all you need is to do strong research on the investments you are interested in and pitch solid strategies with the help of financial experts like Planswell. Myth: You do not need retirement savings in your 20s Fact:  It may seem like you have a lot of time to invest later in life, b

Thinking about starting your investment journey is only easy, as investments are an approach to make your and other's life better with a financial contribution. So, Planswell understands that it is very complicated to know where to start. Planswell is a financial advisor website that comprises services with a broad understanding of financial aspects. Through this read, you will know the key investment features and how to start investing. Key Features of an Investment Plan Investment also means spending your money on buying assets that can have a higher value over time and returns the amount at a higher rate in income or capital form. Here are some essential features of an investment Different types of risks come while investing in various types of an investment plan, to which your priority should be Securing your principal amount. Before investing, thoroughly observing the market movement can help you secure your principal amount. Diversifying your investments also helps you secur