{"id":10825,"date":"2021-07-02T07:31:42","date_gmt":"2021-07-02T11:31:42","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10825"},"modified":"2021-07-16T06:51:16","modified_gmt":"2021-07-16T10:51:16","slug":"5-step-financial-planning-checklist-to-handle-uncertainty","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/","title":{"rendered":"5-Step Financial Planning Checklist to Handle Uncertainty"},"content":{"rendered":"\n<p>If\nthe coronavirus pandemic has taught us anything, it is that life is uncertain,\nand that we must account for times when it does not go as planned. It can be\nhard to plan for the future and work towards the financial goals we might have\nset for ourselves. <\/p>\n\n\n\n<p>Moreover, uncertainty can present itself in various shapes, such as job loss, health emergencies, economic recession, etc. Although financial planning cannot help you avoid uncertainty, it can certainly help you sail through it a lot easier. Financial planning is the cornerstone for the financial well-being of individuals in times of crisis. It helps us not only secure a financial future but also lower our predicament and anxiety while dealing with uncertainty.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dcc070cfdd8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dcc070cfdd8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#What_is_Financial_Planning\" title=\"What is Financial Planning?\">What is Financial Planning?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Why_is_financial_planning_important\" title=\"Why is financial planning important? &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\">Why is financial planning important? &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#5-Step_Financial_Planning_Checklist_to_Handle_Uncertainty\" title=\"5-Step Financial Planning\nChecklist to Handle Uncertainty\">5-Step Financial Planning\nChecklist to Handle Uncertainty<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Step_1_Understand_your_cash_flow_statement\" title=\"Step 1: Understand your cash flow statement\">Step 1: Understand your cash flow statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Step_2_Create_an_emergency_fund\" title=\"Step 2: Create an emergency fund\">Step 2: Create an emergency fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Step_3_Reduce_your_debt_amount\" title=\"Step 3: Reduce your debt amount\">Step 3: Reduce your debt amount<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Step_4_Review_your_investments\" title=\"Step 4: Review your investments\">Step 4: Review your investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#Step_5_Reach_out_to_a_professional_financial_advisor_for_assistance\" title=\"Step 5: Reach out to a professional financial advisor for assistance\">Step 5: Reach out to a professional financial advisor for assistance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-step-financial-planning-checklist-to-handle-uncertainty\/#To_summarize\" title=\"To summarize\">To summarize<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Financial_Planning\"><\/span><strong>What is Financial Planning?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Financial planning refers to the process of\nfollowing a systemic approach to fulfilling the life goals of an individual. It\nhelps you gain control over your income, expenses, investments, and debt. <\/p>\n\n\n\n<p>Financial planning is not just about having\nenough money; it is about having enough money at the right point in time. For\nexample, it is not about having an investment corpus of $5,000 but rather\nhaving the money as an emergency fund when an emergency presents itself, such\nas loss of a job or medical bills. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_is_financial_planning_important\"><\/span><strong>Why is financial planning important? &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Financial planning presents numerous benefits\nsuch as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Increases your savings<\/strong> <\/li><\/ul>\n\n\n\n<p>It is almost impossible to see progress in\nsomething you aren&#8217;t monitoring and periodically contributing towards. This is\nalso true for your savings. If you do not have a clear idea around the savings\nyou presently hold and your future needs around the same, it will be next to\nimpossible to see an upward increment in the same. Creating a financial plan\nhelps one to see the inflows and outflows of money at one\u2019s own end. This, in\nturn, helps one to track their expenses more meticulously and then make a\nconscious effort towards reducing unnecessary expenses. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Prepares you to handle emergencies<\/strong><\/li><\/ul>\n\n\n\n<p>Having a financial plan helps one create an\nemergency fund in times of need. Having an emergency fund makes it easier to\naccess money in case of an emergency. An emergency fund helps you cover\nunexpected expenses, and hence, should be highly liquid, which means it should\nbe easily accessible in times of need. Therefore, one needs to be mindful of\nwhere they choose to park their emergency funds. The withdrawal process of\nmoney from an emergency fund should be quick and easy too, apart from it being\nreadily available. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Helps combat inflation and taxes<\/strong> <\/li><\/ul>\n\n\n\n<p>Inflation and taxes affect our capital in more\nways than one. Even though we cannot predict the inflation rate or tax rate for\nthe future, we can certainly prepare for it with financial planning. With\nbetter financial planning, you can opt-in for various tax-saving instruments that\nmight be available at your disposal and also invest in financial instruments\nthat provide you with a growth rate higher than inflation. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Improves your standard of living<\/strong> <\/li><\/ul>\n\n\n\n<p>If proper financial planning is done, one can\nenjoy the lifestyle they desire while still paying off expenses such as their\nmortgage and monthly bills. Financial planning also allows one to plan better\nfor the future and retain their standard of living post-retirement. The process\nof planning allows you to have a retirement corpus ready as and when you need\nit. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Gives you peace of mind<\/strong><\/li><\/ul>\n\n\n\n<p>When you plan your finances, you not only\ncover your monthly bills but also allow room for a little splurge on your\nwants! When you manage your money more effectively, it becomes easier to have\npeace of mind regarding your finances. <\/p>\n\n\n\n<p>Now that we have ascertained the importance of\nfinancial planning, check out the easy checklist we have prepared to help you\nput your financial plans in motion.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/retirement\/types-of-financial-advisors\"><em>Should you hire a financial\nplanner or a financial fiduciary or a wealth advisor? Learn about the different\ndesignations and titles used by financial advisors here.&nbsp; <\/em><\/a><em><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5-Step_Financial_Planning_Checklist_to_Handle_Uncertainty\"><\/span>5-Step Financial Planning\nChecklist to Handle Uncertainty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Although everyone\u2019s financial situation\nvaries, listed below is a comprehensive list one can use and apply to their\nfinancial plan to be better prepared in the face of uncertainty. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1_Understand_your_cash_flow_statement\"><\/span><strong>Step 1: Understand your cash flow statement <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is vital to first and foremost understand\nthe sources responsible for the inflow of money (for instance: salary,\ninterest, dividends, and so on) and the sources responsible for the outflow of\nthe same (for instance: rent paid, loan EMI, insurance, groceries and so on). <\/p>\n\n\n\n<p>It is a prudent financial practice to\nunderstand your daily money routines by doing a closer examination of your\nbanking statements. Once you can figure out what your daily and monthly\nexpenses look like, it is important to categorize them as either essential or\nnon-essential expenses. For example, your rent and your loan EMI are essential\nexpenses, whereas your daily cappuccino at Starbucks is probably an avoidable\nexpense. Once you have identified areas of avoidable expenses, the next step is\nto utilize those funds better by putting them in a savings account. <\/p>\n\n\n\n<p>There are countless money management tools\navailable to help you in the process, but even a simple spreadsheet can do the\njob!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2_Create_an_emergency_fund\"><\/span><strong>Step 2: Create an emergency fund <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once you have identified your unnecessary\nexpenses, the next step is to create an emergency fund with this money as a\npriority. An emergency fund, as the name suggests, is a fund kept aside for\nevents that you might not have accounted for, such as loss of a job, medical\nbills, and so on. This fund must be kept separate from the regular savings and\nchecking accounts, which means that this money is not available for impulse\nbuying or any other expenditures. <\/p>\n\n\n\n<p>The standard recommended number to have in\nyour emergency fund is three times your monthly expenses. You can then grow\nyour emergency fund from this point to six and twelve months&#8217; worth of expenses\ncovered. Even though the process might take multiple years to build to that\nlevel, the earlier you start, the better it is.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3_Reduce_your_debt_amount\"><\/span><strong>Step 3: Reduce your debt amount<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A good financial practice is to reduce the\namount you owe to better utilize your funds. If your budget allows for it, cut\ncorners from unnecessary expenses and pay more than the minimum required amount\non your loan to pay off the amount quicker. Also, make sure you pay off the\nloan amount with a higher interest rate first. One can also negotiate down the\ninterest rate from the bank in times of crisis. If you have a good credit\nhistory to boot, banks will be willing to negotiate the terms of your loan.<\/p>\n\n\n\n<p>Another prevalent form of debt is credit card\ndebt. Even though credit cards can provide interest-free credit for a certain\ntime duration, they can also backfire if you don&#8217;t have the financial\ndiscipline to use them prudently, causing you to drown in credit card dues. If\nyou don&#8217;t pay credit card dues on time, they charge hefty interests on the\nsame. Try getting your credit card dues converted into monthly EMIs that you\ncan pay in installments. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/20-tips-to-spend-less-and-save-money\/\"><em>Ensure that you are spending\nwisely and investing your saved money in risk-appropriate investments for the\nlong-term using these 20 tips.<\/em><\/a><em><\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_4_Review_your_investments\"><\/span><strong>Step 4: Review your investments <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In times of uncertainty, there exists an\napprehension towards blocking your capital by investing. However, if done\nright, one can take advantage of some opportunities the market presents during\nthis time. If one does not want to take on too much risk by investing in the\nstock market, one can invest in safer financial instruments such as gold and\ngovernment bonds. <\/p>\n\n\n\n<p>The key to sailing through times of\nuncertainty is to diversify your portfolio. Have your funds spread across\nnumerous financial assets like stocks, commodities, precious metals, government\nbonds, real estate, and so on. This ensures that in a scenario where one asset\ndepreciates, you still average out good returns from your investments. <\/p>\n\n\n\n<p>Also, while investing in the stock market,\ndiversify your funds among different sectors and industries to diversify your\nportfolio. For instance: don&#8217;t invest all your money in Tech companies; rather,\ninclude other major sectors such as banking, FMCG, and others in your\nportfolio. <\/p>\n\n\n\n<p>The market drop can prove to be an excellent\nopportunity for dollar-cost averaging your assets if you invest with a\nlong-term horizon. <\/p>\n\n\n\n<p>One can not go wrong if they keep themselves\ninformed about their surroundings and then position their investments to take\nadvantage of the same. Remember to review and adjust your portfolio to gain\nconsistent returns even in times of uncertainty. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_5_Reach_out_to_a_professional_financial_advisor_for_assistance\"><\/span><strong>Step 5: Reach out to a professional financial advisor for assistance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There exists a possibility that even after\nputting all financial planning measures in place, you are still unable to\nprevent a financial emergency from presenting itself. In such a scenario, it is\na good practice to reach out to financial advisors who can help you access\nmultiple resources to make your journey through the crisis as smooth as\npossible.<\/p>\n\n\n\n<p><em>A financial fiduciary is legally bound to place your\ninterest above everything else in their financial services. Use Paladin\nRegistry\u2019s free match tool to get connected with 1-3 financial fiduciaries who\nare suited to help you meet your financial needs and goals.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_summarize\"><\/span><strong>To summarize<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Uncertainty has the power to dismantle your\nfinancial goals. In such a scenario, it is important to remember that financial\nplanning is the tool that can make the bumpy ride a little smoother for you. <\/p>\n\n\n\n<p>If you find yourself facing some sort of\nuncertainty you hadn&#8217;t planned for; the first step is to not lose your calm.\nLook out for avenues that can help you tackle the situation better because they\nare always there. You just need a calm mind to look for and identify them.\nStart by assessing your current situation &#8211; what are your monthly expenses in\ncomparison to your monthly income. After that exercise, bucket these expenses\ninto avoidable and unavoidable expenses. <\/p>\n\n\n\n<p>Once you can achieve that, stop spending your\nmoney on unnecessary items and start building your emergency fund with the\nsame. A good number to start with is 3x your monthly expenses.<\/p>\n\n\n\n<p>Next up, take a look at your loan amount and\ntry to reduce the EMIs. You can start by paying off the loans with the highest\ninterest rate first and then slowly move on to the next one. Avoid using credit\ncards in times like this so that you don&#8217;t end up snowballing more debt. <\/p>\n\n\n\n<p>When it comes to investing in times of\nuncertainty, focus on investing for the long term. Make use of the dips in the\nmarket to average down your investments. <\/p>\n\n\n\n<p>And lastly, if you feel things are getting out\nof your control, don&#8217;t shy away from contacting a professional for help! We\nhope these pointers help you prepare better to face any uncertainty life throws\nyour way. <\/p>\n\n\n\n<p><em>To get in touch with a fiduciary advisor who may provide you with wise financial strategies, use <\/em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em>Paladin Registry\u2019s Free Search Tool.<\/em><\/a><em> Based on your requirements, our platform matches you with registered and qualified financial advisors that are best suited to meet your financial needs and goals.<\/em><\/p>\n\n\n\n<p><em>To learn more about the author William Hayslett view his <\/em><a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/william-hayslett\/\"><em>short bio.<\/em><\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If the coronavirus pandemic has taught us anything, it is that life is uncertain, and that we must account for times when it does not go as planned. It can be hard to plan for the future and work towards the financial goals we might have set for ourselves. Moreover, uncertainty can present itself in various shapes, such as job loss, health emergencies, economic recession, etc. Although financial planning cannot<\/p>\n","protected":false},"author":122,"featured_media":10828,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-10825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5-Step Financial Planning Checklist to Handle Uncertainty<\/title>\n<meta name=\"description\" content=\"Uncertainty has the power to dismantle your financial goals. 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