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  • Writer's pictureErin

What Is Financial Planning?

Are you struggling to keep all of the different aspects of your financial life in balance to reach your goals?

Many people feel that they need much broader guidance concerning their financial picture than they can provide for themselves. Some simply don’t know where to start! Others want to feel the freedom and stress relief that can come from delegating analysis and decision-making to a trusted advisor regarding all aspects of holistic financial life.

Financial planning is the process of creating a detailed plan — a realistic roadmap to help you stay focused, track your progress, and achieve your financial goals. This process can be done DIY-style, or it can involve a professional.

What is Financial Planning and What Does It Cover?

As summarized by Nerdwallet, “a good financial plan is guided by your financial goals. If you approach your financial planning from the standpoint of what your money can do for you — whether that's buying a house or helping you retire early — you'll make saving feel more intentional.”

Whether you’re creating your financial plan on your own or enlisting the help of an expert Financial Planner or Advisor, the process will be similar — though most people find it much easier to hand over the work to a professional. This is because creating a financial plan requires a detailed analysis of all aspects of your current financial picture, including:

  • Income

  • Debts and Obligations

  • Savings and Investment Accounts

  • Retirement Plans and Accounts

  • Taxes

  • Cashflow

Additionally, some people need to plan for things like education funding for themselves or their children, estate planning, financial impacts of divorce or other life changes, philanthropic goals, etc. The idea when creating a financial plan is to be as thorough as possible — the more detail you include, the more effective your plan has the potential to be!

Should I Create My Own Financial Plan or Hire A Professional?

Anyone wanting a broad, all-encompassing approach to looking at and improving their finances can benefit from the financial planning process, and many people are surprised at how affordable hiring a professional financial planner can be.

If you’re intimidated by the process of creating a plan that’s actionable, thorough, and flexible enough to adjust to the ebbs and flows life may send your way, it’s likely that you’ll feel more comfortable hiring a professional to help you with your financial plan.

If, however, you feel confident that your budget, investments, and other aspects of your current financial picture are off to a good enough start that you can be your own financial planner, know that there are a lot of resources that can help guide you as you DIY your financial roadmap. Here are a few to help get you started on the right foot:

If you do choose the do-it-yourself approach to planning for your financial future, it’s still a good idea to at least consult with a financial professional to ensure you’re not missing anything, and that you’re taking advantage of as many opportunities as you can. Need assistance? We'd love to help!

How Does Financial Planning Work at EViE Financial?

At EViE Financial, we’re passionate about educating our clients and supporting them toward their goals. When working with a financial planning client, we always include a heavy dose of education on financial topics plus behavioral coaching and wealth mentoring as part of the process. After all, being better equipped and more knowledgeable about your financial picture can set you up for lasting success!

Additionally, every financial plan we provide includes guidance and analysis regarding cash flow and budgeting, wealth accumulation through savings and investment strategies, retirement readiness, wealth distribution, and legacy planning. While we at EViE Financial do not specifically cover credit counseling or credit repair, we do offer debt management as part of the thorough cash-flow component of our financial planning process.

Additionally, a range of bespoke services are available based on each client’s specific needs and goals:

  • Tax Planning

  • Risk Management Analysis

  • Education Funding Planning

  • Estate Planning

  • Divorce Planning

  • Business Planning

  • Philanthropic Planning

Each financial planning client will also receive access to a secure, interactive online financial planning dashboard along with regular progress, accountability, and adjustment check-ins to ensure that their needs are being met and that they are on track to reach their financial goals.

If you’d like to learn more, get in touch! We’re happy to help.

Financial Planning: The Bottom Line

Financial planning can be an eye-opening process. When you take a thorough look at your cash flow, savings, retirement planning, and other aspects of your financial picture, it’s easy to feel overwhelmed, but the process is worth it and can set you up for much better success.

Feeling stressed? Have questions? Whether you plan to create your own financial plan and just want some guidance, or you’d rather have someone create a customized plan for you and provide ongoing tools and support, we’d love to help. Let’s chat to determine what your needs are regarding financial planning.


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