Do you have a specific financial question?  It could be on anything from insurance, to homeownership, to credit…we have a unique panel of experts who are waiting to answer your questions!

Simply e-mail us a question at philasaves@cccsdv.org, with the subject “Ask Philadelphia Saves” and each month we’ll select one question to answer and post on this website.

This Month's Question:
"How can financial planning help me?  What are the benefits?"
--Maureen, Havertown, PA

Financial planning is a process that helps wisely manage your finances and negotiate financial barriers that arise in every stage of life.  Through planning you can determine your current financial status, financial goals, and strategies to reach those goals.

More specifically, financial planning helps you to:

• Set realistic financial and personal goals
• Determine your current financial status by reviewing and assessing your net worth, taxes, investments and estate plan
• Develop a plan that builds on financial strengths and addresses financial weaknesses
• Act and monitor your progress in meeting your goals
• Adjust your plan personal circumstances, goals, and stages in life change
• Achieve peace of mind knowing your financial matters are in order to help withstand life’s inevitable events.

Usually an event or specific need triggers the need for financial planning, such as saving for retirement, rolling over a pension, preparing for marriage, the death of a spouse, or inheriting a large sum of money.  The greatest misconception people have is that financial planning is only necessary for individuals with large estates or high net worth.  Many also believe that they are too young or too old to employ the principles of financial planning.  Unfortunately the old adage that, “if you fail to plan, you plan to fail”, far too often holds true.

The good news is that you don’t have to go it alone.  A CERTIFIED FINANCIAL PLANNER ™ professional can help you get started and provide an objective, third-party perspective.  Selecting a planner is as important as selecting a doctor or lawyer, so take you time, ask friends, family, and other financial specialists who have used a financial planner for referrals.  You can also check the following websites:

Financial Planning Association - Philadelphia TriState Area Chapter
(http://www.fpaphilly.org/)

Certified Financial Planning Board of Standards (http://www.cfp.net/)

The biggest stumbling block to obtaining one’s goals is procrastination.  Goals can only be obtained through action.  By joining Philadelphia Saves you can receive a free 30-minute consultation with a Certified Financial Planner.  What better time to start than now?
--Pamela Holland Towensend, CFP
   Certified Financial Planners Association
      Philadelphia Tri-State Chapter