There are emotional and mental health benefits behind having a written financial plan. Individuals with a plan are less stressed and tend to be more optimistic about the future.
Having a financial plan that you can refer to can increase mindfulness about personal finances which in turn lowers stress levels around money. When you have a plan in place, you are more likely to overcome setbacks. Our plans are roadmaps that can easily be adjusted when life changes.
A recent survey indicated that 83 percent of people with a written financial plan feel better about their finances after just one year.
More importantly, when individuals improve their lives in one area it has a natural carry-over effect on other areas in their life. This means that when you do financial planning, it not only improves your finances, but it can help your overall health and well-being.