Financial planning is the process of ensuring your life goals through the proper management of your finances. Financial planning helps you to anticipate all financial needs that will emerge in the future. The objective of financial planning is to provide sufficient amounts of money in the right hands and at the right moment in the future in order to ensure that individual goals are achieved.

Financial planning ensures the direction and significance of your financial decisions. It allows you to understand how each financial decision affects other financial areas. For example, the conclusion of a particular savings product can help you fund your child's higher education or provide satisfactory financial resources for a decent retirement. With additional financial resources, it is much easier to adapt to potential life changes, or feel safer when you know that you are following your goals.

A personal financial consultant is someone who understands the process of financial planning and helps you determine how to achieve your goals in life. The main function of a personal financial consultant is to help people determine the needs of the financial plan, their current priorities, and to provide products that are best suited to ensure identified needs. In most cases, a personal financial consultant has a very wide knowledge of the tools and products of different providers, of course, the main goal is to provide the best possible product for the individual needs of the client. He/she certainly sees a great picture of the current financial situation and proposes the most appropriate financial plans for each client individually.

Some personal finance packages, magazines and self-help books can help you with your own financial planning. However, you may decide to seek the assistance of a personal financial consultant - expert if:      

• you need the expertise that you do not have in certain areas of your finances. For example, a personal financial consultant can help you to assess the level of risk in the investment portfolio and review the allocation of funds;    
• you do not have enough time to edit your own financial plan yourself;         
• you know that you need to improve your current financial position, but you do not know where to start;     
• you believe that a personal financial consultant - expert could improve your plan and strategy for the current management of your finances;  
• an immediate or unexpected life event occurs, such as inheritance or major illness;          
• you want to get an expert opinion on a financial plan that you have developed yourself.

A personal financial consultant works for you and for your own good. His loyalty belongs to the client, not to the products he/she sells. We feel that independence is truly the best way to give objective advice to clients. As independent personal financial consultants, we do not have restrictions or requirements for the use of any particular investment product or solution. This allows us to create customized financial plans designed to ensure the security and growth of financial resources for our clients.

Create a budget. Find out how much you actually spend each month. There are fixed costs, such as rent, loan repayments, etc., which are present every month and we can not change anything in this regard. Variable items, such as food, clothing and entertainment, are often those we do not think of. The solution is to create a balance sheet and control the inflows and outflows of your assets.

It is difficult to enforce the saving rule because it varies by age and level of revenue. Ten percent is a good start. If you find that % is too high for you, do not let it discourage you. Start by saving yourself a small amount each month, which you increase with each month.

Financial planning is a common approach to managing your finances in order to achieve your life goals. You can not change your status overnight; this is a lifelong process. Remember that events that are beyond your control, such as inflation, changes in the stock market, interest rates, will affect your financial planning results. The solution is annual reviews and updates according to the current situation both in the market and in your life.

Think about visiting a doctor? Without complete and completely accurate information, your doctor can not prescribe the best treatment. The same applies to financial planning. To get the best solution for your "financial health" you need to disclose all the details.

Typical are information on investments, number of dependents, income and expenditure data, saving and financial planning requirements, etc. The more accurate the information is, the better the quality of the advice.

The personal finance plan should include an overview of your net worth, goals, investment portfolio, cash flow, investments, retirement, tax planning, insurance services, that is, the overall financial plan for achieving your goals.

Assessing your needs for insurance services is part of your personal financial planning. Insurance takes care of your unpredictable needs, and as these needs can arise at any time, insurance is extremely important. Investments take care of your foreseeable needs and do their best to follow your unpredictable needs. Insurance has changed considerably over the last few years, and there are also many new products that are very flexible.

It is important that personal finance plans are tax-efficient. Your personal finance plan will help you reduce the tax liability and increase returns after taxing your investments. Some personal financial consultants help their clients optimize their tax returns.

Even the best plan is unusable if it does not start. Your personal financial consultant will fully assist you in implementing the plan, if and when you will.

It is good to review the plan when there is a change in life, such as marriage, birth, death or divorce. Any change in the financial position is also necessary. Most people have an annual update that evaluates how the plan is implemented. The review also deals with changing objectives and circumstances.

It depends on what you need. We can send you the complete questionnaire. Based on your answers we will be able to prepare a customized personal finance plan specifically for you. If you need more detailed information with a personal financial consultant, please call us on +386 70 664 433, or write at info@harvest.si.