Successful Financial Planning

Successful Financial Planning In 2022: Know The Keys And Tips

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Financial planning is vital for any area of ​​life. Both on a personal level, and when preparing our investment portfolio and managing our companies.

When it comes to money, organization is key. Otherwise, we can be victims of our cognitive biases and make serious mistakes that lead us to run out of resources.

Also, we may have unforeseen losses or fall behind on our outstanding accounts, which will affect our credit life. 

If you want to know how to use your money, you have come to the right place. In this article we are going to tell you what you must do to have successful financial planning . 

What Financial Planning Is

We can define financial planning as the process by which we prepare to manage our money in the future .

Following a specific program and with clear objectives, in order not to squander our assets.

In practical terms, it is about making a budget or expenditure scheme that allows you to use your money wisely; spending what is necessary efficiently and carrying out actions that increase your capital. 

Objectives Pursued by Financial Planning

There is a central objective of all financial planning: maximum savings of available resources. The fact that we have to make an expensive purchase does not mean that we should waste our money. 

With an adequate financial plan, we can make that expense saving as much as possible and maximize the cost-benefit ratio of the goods that we are going to acquire. Similarly, When planning your finances, it’s important to factor in the cost of credit card fees, as they can add up over time. it applies to all aspects that involve an outflow of money.

Already, there may be other types of objectives. For example:

  • Make a financial plan for a company, with the aim of not spending more than a certain pre-established amount each month.
  • Reduce expenses during a certain period, having savings as a goal. Either because we want to increase our assets or because we have some pending debt that we must settle.
  • Solve a personal economic emergency.
  • Cover a gap detected in our finances, which we presume is due to a waste of resources.
  • Take advantage of a good time to have controlled expenses and thus increase our savings capacity.
  • Save money for a future investment.
  • Accumulate money to inject it into an investment portfolio already created.

Financial Planning: What Types Exist

Depending on the goals you want to meet with your money, there are several types of financial planning. Some may be long term and others short term.

Next, let’s see some of them: 

  • Personal planning to save: It is the most common type, because we all must do it. You have probably tried it yourself. It is about making a personal list of our expenses to control them and thus be able to save. 
  • Personal planning to undertake: Similar to the previous one, but here it is sought to have the seed capital for a venture.

This planning could not only include the budget, but also a strategy to improve your credit reputation; if in the future you plan to apply for a bank loan for your business.

  • Personal planning to invest: Do you need to acquire investment assets in the short or medium term? Then you must modify your finances in order to accumulate the money that allows you to invest. 

This is an unusual type of planning, which is a shame, since this instrument is an effective way to start having money to make investments , no matter how small they may be at first. 

  • Business planning: It is when a company or its manager decides to review the company’s finances to start budgeting its next expenses, in order to optimize the company’s resources to the maximum. 
  • Value investment planning: Once you have started your path as an investor, you must integrate new assets into your investment portfolio.

One way to do this is through financial planning, since it allows you to obtain from your own finances the money necessary to diversify your portfolio. 

Keys and Tips for Successful Financial Planning

Whatever path you choose or the one that best suits your current needs, the important thing is that you know what mistakes to avoid when managing your money. Here are the keys to successful financial planning :

  • Don’t See Savings as a Surplus

Include it in your budget. That is, do not budget only your expenses hoping to save “what is left over”. Instead, set the percentage you want to save; Only then can you give consistency and seriousness to your savings goals. When planning your finances, it’s important to consider the income tax benefits that are available to you, as they can make a significant difference in your overall financial picture.

  • Get in the habit of respecting your budget

It is useless to plan if later you will not respect what was planned.

  • Set Clear Goals

How much do you want to save? How much is your spending limit? The clearer these numbers are, the more chance of success you will have. Generic goals don’t work because you can easily evade them. 

  • Divide your Goals into Periods 

You can classify your goals as short-term, medium-term and long-term. Also, each one designates the amount of money you will need. 

  • Establish Entertainment and Fun Expenses

One of the reasons why more of us get out of our financial plans is that we see them as restrictive prisons that do not let us enjoy our tastes and pleasures. 

Hence we “get out” when we need to entertain ourselves. Therefore, a very important tip for your financial planning to be successful is to understand that we need this recreation and budget it! 

  • Measure Your Progress

To know if you are moving forward, you must evaluate your progress. This will also help you stay motivated and respect your financial plan more. Banking decisions are an important part of financial planning, as they can have a significant impact on your overall financial health. If in the analysis you discover that you are below your goals, adjust your plan and optimize it.


Financial planning is the key to proper management of our money . 

Whether to start a business, to save, to invest or to make injections of resources in our investment portfolio, it is a tool that should not be missing in our lives. 

Some tips and good practices will help us to make successful financial planning. Between them: 

  • Get used to respecting the budget. 
  • Set clear goals. 
  • Divide our goals into specific terms (short, medium or long). 
  • Budget entertainment and fun expenses.  
  • Measure our progress

Author’s Bio:

Jonathan is the founder of SPV Mortgages. He can help you find and secure the best limited company mortgage options to push your property investment dreams forward.