Whether you’re balancing spending now and saving for the future How you’ll grow your money over time to meet big goals While there are several things a plan will consider, it typically covers a few key areas: When you do financial planning you’re figuring out how to go from point A (where you are now with your finances) to point B (where you want to be in the near, medium and long-term). Financial planning helps you account for how you’ll meet long-term goals like paying for a child's college tuition or paying off a mortgage. It can show you how and where you’ll save money to reach your goals and can help you stay on track if something unexpected happens. What is financial planning?įinancial planning, on the other hand, is a broader look at your entire financial picture over time. Budgeting helps you manage your money on a regular basis so you can spend money stress-free, knowing you've planned for it. It's when you look at your monthly or yearly expenses and decide roughly what to spend on housing, groceries, trips and more. So, what is the difference between budgeting and financial planning? What is budgeting?īudgeting looks at what’s happening with your finances and helps you prioritize how you’re spending and saving your money on a regular basis. Is it as simple as knowing how much of your money is coming in versus going out? That’s an important element of financial planning - but that’s really just budgeting. Educational Resources About Family & Workįinancial planning can mean different things to different people.Educational Resources About Everyday Money.Educational Resources About Financial Planning.
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