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October is National Financial Planning Month. Here’s how to make the most of it.

As we begin to prepare for the holiday season, National Financial Planning Month is a great opportunity to help us prepare our budgets and keep our spending in check. For the many Americans with financial wellness on their minds, now is the perfect time to evaluate your finances and establish a plan. If you kick things off during this time, you just may even check off this common New Year’s resolution a little early.

Contrary to popular belief, it’s never too early to start planning for your future. In fact, the earlier you can begin, the better. Financial planning allows you to take control of your financial future, avoid common financial mistakes, and be prepared for life’s uncertainties. Once upon a time, Social Security and pension benefits were more than enough to live on after retirement, but many Americans are finding this to no longer be the case. According to Manuel Moral, United Brokerage Services, Inc. financial advisor and Certified Financial Planner® based in Washington, D.C., financial planning is more crucial than ever. “People are living longer, healthcare costs are rising, and Social Security may no longer be enough to cover retirement needs. So, it’s important to do some planning and seek investment options that keep money coming in long after regular paychecks cease.” And what better time than National Financial Planning Month?

Unsure about if financial planning is right for you or don’t know where to begin? United Bank financial advisors are here to help with tips and best practices for anyone looking to get started this National Financial Planning Month. Read on to learn more about what financial planning is, what goes into creating a plan, and why it’s important.

What is a financial plan and why do you need one?

A financial plan is a document detailing a person’s entire financial picture, including monetary goals and strategies to achieve them. With a solid financial plan, you have a clear roadmap for your money, which can help you make smarter decisions and stay on track to reach your goals.

But financial planning isn’t exclusive to preparing for the future. It can also provide an assessment of your current circumstances, giving you a comprehensive overview of your financial health. Omid Sanie, a United financial advisor based in Virginia, says he’s run into instances where clients find out they’re actually much better off than they expected through a financial planning assessment. “Imagine thinking you’ll need to work for another decade or so, just to find out that you can shave several years off that estimate – maybe even retire the next day if you want,” said Sanie. “Sometimes it takes a professional eye to know what your situation truly looks like.”

Maybe you’re planning to buy a home, get married, purchase a car, or retire soon. A benefit of financial planning is the peace of mind that comes from having a plan in place. Planning ahead and having money set aside means you can rest assured that your financial goals are attainable.

Who should work with a financial advisor?

It’s a common misconception that financial planning is just for the super wealthy or those approaching retirement age. Everyone is encouraged to work with a financial advisor for professional advice and access to the best planning resources. Advisors are there to present you with options for accumulating wealth and putting yourself on the right track for future prosperity, no matter your age or economic status.

Adam Stewart, a United financial advisor based in West Virginia, says goal-oriented individuals and those who are more organized are often more likely to begin financial planning earlier in life. “It really comes down to being willing to ask questions and seek out guidance,” he says. “Maybe this person just got married or is starting a family, or maybe they’ve just taken their parents’ advice to sit down with a professional to make a plan. You really don’t need a reason to meet with an advisor other than just wanting to be prepared.”

What can you expect from working with a financial advisor?

A goal of most advisors is to develop a plan for clients based on their needs, whether that be budgeting, short-term investing, retirement, education planning, or any number of pursuits that require a pool of discretionary funds. Working with a financial advisor or planner, you can expect to receive a plan or investment recommendation that has been tailor-made for you based on your specific goals, objectives, risk tolerance, and time frame.

“Hollywood’s created this caricature of financial advisors that depicts us all as money-hungry guys who just want to sell products and earn commission. And that very well may have been the case long ago, but fortunately these types of characters have faded into the past,” said Sanie. “In reality, our job is to help you make smart choices with your money and reach your goals.”

Financial planning can seem overwhelming, but it’s crucial for those who want to make smarter decisions with their money, and working with a financial advisor will definitely help ease the burden some. “At the end of the day, we just want to see our clients find financial success,” said Sanie.

So, you’ve set up a financial plan, now what?

First off, congrats! You’re now one step closer to securing long-term financial security. Now that you have a plan ironed out, stick with it! One of the biggest challenges of saving is staying disciplined over the long term, especially when unexpected expenses arise. It’s important to keep your eye on the prize and the big picture in mind. The more you save now, the better off you’ll be during those golden years.

But advisors caution against becoming wedded to your current plan. A good plan is fluid with room for adjustments. “Your life and goals will change, and so should your financial plan,” said Moral. Conduct regular financial check-ups and make small changes where necessary to keep you on track to reach your goals.

Anyone can benefit from working with a financial advisor, regardless of age and income, so long as they’re ready and willing to start planning for their future. If you’re looking for guidance for what to do next or how to make the most of your money, it might be a good idea to meet with a financial advisor. And it’s simple to find the right one for you. At United Bank, you can fill out a form online to be connected with a financial advisor who can best help you with your planning needs.