Wait... Not Everyone Needs A Financial Plan?

Sometimes the answer is... not yet

People come to us looking for financial guidance, and sometimes the best advice we can give is simple and straightforward.

We get this question more often than you might think: “Do I really need a financial plan?”

And sometimes, the honest answer is: not yet.

A while back, a friend came to us with a few money questions. She wasn’t going through any big financial changes, she just wanted to feel more confident and in control of her money.

At that point in her life, the best advice was to focus on the basics:

• Build and maintain an emergency fund

• Create savings buckets for big purchases and travel

• Max out 401(k) contributions (or at least to the company match)

• Contribute to a Roth IRA or Health Savings Account (HSA) *if eligible

• Avoid high-interest debt

• Spend within your means

She didn’t need complexity, she simply needed clarity and direction. And sticking to the basics got her exactly that. I often reference this as your “financial foundation” which are building blocks that you must have set in place first (see below: Hierarchy of Financial Needs).

But as life changes, so do the financial questions (and complexity).

Fast-forward a few years: she’s married, with a new baby and bigger questions emerge:

• What kind of home can we afford without limiting other goals?

• Can we afford private school for our kids?

• What happens to our financial plan if we have more children?

• Does participating in my company stock plan make sense?

Now she needs a plan. Not just advice, but a roadmap.

You need a financial plan when your decisions feel bigger than the basics, like managing life changes, balancing multiple financial goals, or navigating complexities that impact your future.

Financial plans are about more than just numbers; they provide clarity, confidence, and a way to navigate life’s big decisions and transitions. And while not everyone needs one, the impact of having a plan, when you need it, can be transformative.

It’s not just about investments or retirement, it’s about making informed decisions during life’s transitions, and knowing your money is working in the right direction.

At Sandbox Financial Partners, we believe financial planning isn’t one-size-fits-all. But having that plan allows you to “Live More & Worry Less” - the tag line for Sandbox.

Sometimes, the financial basics are exactly what you need.

And sometimes, life gets more complex and that’s where a plan becomes impactful.

The Hierarchy of Financial Needs

Building a solid foundation centers on moving through each stage of the financial ladder. The stages illustrated provide essential lessons in both creating and retaining wealth.

When do you need a financial plan?

When your questions start going deeper than savings rates and contribution limits.

When you’re thinking beyond today and want confidence about the future.

The right plan at the right time can make all the difference.

If you’re wondering whether now is the right time for a financial plan, let’s talk.

Reply to this email or schedule a time with our team here.