fbpx
Menu
The Rise of Subscription-Based Financial Planning for Millennials: How to Help Improve Your Financial Well-Being One Month at a Time

The Rise of Subscription-Based Financial Planning for Millennials: How to Help Improve Your Financial Well-Being One Month at a Time

6 Jun 2022
·

You may be surprised by the combined number of subscription services you already have. From physical fitness services to meal kit services and online streaming services to your current health care service providers, paying monthly subscription fees for continuous services is now the norm. That’s because Millennials are more apt to benefit from continuous services than paying hefty fees for one-time services. 

The subscription model works especially well in times like we are experiencing today with raging inflation, supply chain disruptions, COVID-19, and no simple solution in sight. Millennials need planning advice that is based on rapidly changing economic conditions. And, they need high-quality advice that helps them make the right financial decisions – now more than ever.

So what if you could improve your financial well-being one month at a time using subscription-based financial planning?

Seems like a no-brainer, right?  Let’s explore.

 

Key Points:

  • Pursue your financial well-being one month at a time
  • Managing your money in volatile markets may be difficult (you don’t have to go it alone)
  • Working with a financial planner can help empower you to spend less, save more, and help you take control of your financial future
  • Start adopting better financial habits with the help of a financial planner
  • Subscription-based financial planning is more affordable than ever!

 

How can you pursue your financial well-being one month at a time?

Diverse Hands Holding The Word WellbeingFinancial planning is not intended to make you feel guilty or embarrassed about your prior financial decisions. Rather, it’s a tool that helps you identify your spending habits, saving behaviors, and money choices. Understanding these points can help you become more financially independent over time. 

Everyone wants to be financially independent in life, and one large component of that can be planning your financial future. Financial well-being means different things to everyone, such as:

  • Being out of debt
  • Owning your own home
  • Paying off student loans
  • Starting a family 
  • Building a foundation for your retirement
  • Building a second home
  • Travel and other luxury expenditures

Regardless of what financial well-being means to you, there are ways to begin to pursue a more stable financial future for yourself by subscribing to an affordable financial planning service with an experienced financial planning expert.  

You may not be ready for a full-blown financial plan because you’re just getting started in your career. Still, you can certainly begin laying a solid foundation for your short and long-term financial success by working with a financial planner each month.  

Each month you can focus on areas of your financial life that need more attention to pursue your short and long-term goals. It might be as simple as creating a monthly budget or as complex as analyzing the best way to allocate assets to the funds in your company’s 401(k) plan.  

 

Does it pay to have a financial coach?

Invest in yourself. Motivation Quote Modern calligraphy text invest in your self. Design print for t shirt, tee, card, type poster banner. Vector illustrationThe beauty of using subscription-based financial planning is that you are in control of your finances, but you have a “financial coach,” also known as your financial planner, who can help you make the right decisions as you pursue financial well-being for you and your family.

Think of your financial advisor as a coach for your financial well-being. A coach can help you build a financial game plan around your short and long-term goals. This might include paying off student loan debt, saving for your first home, building an education fund for your children, or accumulating more assets for retirement. 

You can work with your subscription-based financial planner/coach on a monthly basis to make sound decisions on all of these topics.

It may take months of careful thought to map out and execute your game plan, but that’s one of the important benefits of a planner who is compensated with a fixed subscription fee.

 

How to understand the ways you are financially wired?

When it comes to money, we all know the basic principles: 

  • Stick to a monthly budget
  • Save money every month
  • Track our spending habits
  • Avoid expensive credit card debt
  • Save for our future 

It seems very straightforward and simple to apply; however, knowing what we should do more often (save) and what we actually do more often (spend) oftentimes are diametrically opposed to each other, making financial freedom very difficult to achieve. 

Let’s face it; spending is fun, and discipline is difficult.

Understanding our financial behaviors is a major component of the financial planning process. As mentioned earlier, it’s not intended to “money shame” people, but in order to change your financial habits, you should look deeper at your current spending and savings habits.  

Right or wrong, today’s culture promotes having the best of everything, along with instant gratification rather than a more time-consuming savings process that accumulates money and builds net worth. When you work with a financial advisor in the Bay Area each month, they can help guide you towards better spending and savings habits. 

For instance, rather than going to Starbucks each day on your way to work, why not consider making your own special blend of coffee each morning? Little habits like this might sound trivial, but when you add up your Starbucks bill each month, you can begin to see how spending adjustments like this might help you save an extra few hundred dollars a month.  

 

How is financial planning flexible and affordable?

You work hard for your money, so you want to make sure you’re getting good value for every subscription-based service that you use. 

What if, by subscribing to a financial planning service, you could build a plan to possibly reduce or eliminate your personal debt over the course of a few years? Would that be of value to you? What if your financial planner could help you reallocate your 401(k) assets to mitigate risk from market fluctuations better?  

There is so much inherent value that subscription-based financial planning can bring to you and your family that you owe it to yourself to explore this invaluable service for your financial future.

The good news is that financial planning subscriptions are very affordable. Our fee starts as low as $50 per month. Are you ready to invest in support that can help pay you back in the long run? Call Humanity Wealth Advisors today!

 

eBook Offer: 5 Easy Steps to Start Retirement Planning Now

More about the author: Harry Sherdil
As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.
VIEW MORE POSTS BY Harry

Get Our Updates

Get our monthly newsletter that brings you news, tips, and tricks on meeting your financial goals.