By Dave Kavanagh
Why is it that when the topic of planning your finances comes up, many people cite not having enough time? There are reasons for this - Firstly, it’s not considered a “fun” activity. Compared to going for a meal, walking on the beach, watching a movie etc., it doesn’t have the same enjoyment factor. Secondly, there is a subconscious negativity regarding financial planning, for reasons includ-ing, having to face possibly not being as efficient as you could have been, having to consider poten-tial financial loss in the event of a fatality, or not being able to work due to illness or injury, and hav-ing to plan your income for what will probably be the last third of your adult life. (Fun, right?) So people make all kinds of excuses to avoid dealing with it.The question therefore is burying your head in the sand wise? Many life events can happen, whether you have planned for them or not. One hour is 4% of your day, spending this once or twice per year can be hugely beneficial. The dif-ference in dealing with, lets face it, one of the most important aspects of your life, is that it will put you in control of your finances rather than your finances being in control of you, reducing the stress and anxiety often associated with “money worries”. I often see those that keep control of their budgeting having more disposable income than people earning 50% more than them who do not make the time to plan. As a starting point, take out 3 month’s bank statements and make sure you can account for every transaction. Next, Make a list of what you think you spend every month, then keep a detailed diary of one month’s spending and compare. Then, arrange a phone or video review with your financial advisor from the comfort of your home. It’s never been easier. Make the time.
Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or infor-mation (with no cost or obligation) he can be contacted by emailing firstname.lastname@example.org or use the contact form on www.financialcompanion.ie or phone 087-6414570, or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government depart-ments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.