If the very idea of financial planning makes you break out in hives, you\u2019re not alone.\u00a0A new study<\/a>\u00a0found that perceived financial well-being \u2014 feeling secure about not only the state of your current situation but how well you\u2019ve planned for the future \u2014 holds the key to your overall well-being. Your financial security can affect you as strongly as job satisfaction, relationship stability, and physical health combined.<\/p>\n Certified Financial Planner Board of Standards<\/a>\u00a0ambassador Jill Schlesinger calls money the \u201cmost concrete expression of every neurosis we carry. Every neurosis we have, we can express it around money,\u201d she said. \u201cSomeone dealing with your finances can really be transformative \u2014 it\u2019s like removing an anvil from your back.\u201d<\/p>\n Regardless of your financial state, everyone can benefit from taking stock of what stability means for you. Kristin Wong, freelance journalist and author of \u201cGet Money: Live the Life You Want, Not Just the Life You Can Afford<\/a>\u201d knows how uncomfortable that feels. \u201cIt can be hard to sit down and look at the numbers, especially if you know you\u2019re in mounds of debt but you\u2019re not sure how bad it is,\u201d she acknowledged. \u201cBut think of it this way. Yes, it\u2019s unpleasant now, but you\u2019re saving yourself from more unpleasantness later.\u201d<\/p>\n For many of us, it all starts with understanding our own habits. Ms. Wong suggests starting by tracking your spending right down to your 3 p.m. vending machine run. \u201cThis is such an eye-opening exercise because it forces you to think about your spending a little bit more, which then makes you more aware of how you\u2019re spending,\u201d Ms. Wong explained. \u201cWriting down your spending gives the transaction a sense of tangibility.\u201d<\/p>\n Whether you\u2019re a recent graduate trying to figure out how to handle student loans, a retiree looking to maximize your 401(k), or anything in between, we all want our money to work for us. \u201cAmericans need to understand that [financial planning] isn\u2019t just for the wealthy,\u201d explained Geof Brown, CEO of the\u00a0National Association of Personal Financial Advisors<\/a>. \u201cIt\u2019s important to sit back and reflect on your own individual circumstances, understanding your long-term goals.\u201d<\/p>\n<\/div>\n Ms. Schlesinger organizes some basic goals into what she calls the \u201choly grail\u201d of financial security. \u201cPeople have three big priorities in life,\u201d she explained. \u201cThey want to be consumer debt-free. They want to have an emergency reserve fund, like 6-12 months of your expenses sitting in some boring account. [And] they want to maximize their retirement account.\u201d Once you have those figured out \u2014 or a plan for how to get there \u2014 the real fun begins.<\/p>\n \u201cUsing life events as a prompt is a great idea,\u201d Ms. Schlesinger said. \u201cMaybe you and your spouse look at finances differently. A financial adviser can act as a mediator. Because money can be so emotional, bringing in someone else can help bridge the gap.\u201d<\/p>\n Life events like graduating from college, getting married, and buying property, all mark great times to start thinking about your financial future, but there is no wrong time. \u201cMy mantra is that it\u2019s never too early to find the services you need and to take advantage of that knowledge,\u201d Mr. Brown said.<\/p>\nFirst, know thyself, financially<\/h4>\n
Next, figure out what you want<\/h4>\n
Here\u2019s when to call in the pros<\/h4>\n
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