Don't Procrastinate About Your Financial Future.

• Position: Financial planning tips - Brief Article

Most people know they actively should be managing their money and planning for the future. That means doing things from investing for retirement to building an emergency fund to making sure they have enough insurance. Yet, for some reason--often several of them combined--they don't quite get around to it. The Institute of Certified Financial Planners, Denver, Colo., offers a list of eight excuses people have for not planning for their financial future--and some suggestions about how to overcome them.

I don't see a real need. I'm doing just fine, so what's the big urgency? This thinking assumes things will continue to go well, that you have no plans for the future, and that you don't plan to die. However, what if you lost your job tomorrow, became disabled, got divorced, or died prematurely? Would you or your family be prepared to handle the financial crisis? Do you hope to retire on just your Social Security checks (and a small pension if you're lucky)?

I don't have the time to plan. Many people spend more time planning their summer vacation or watching TV than they do managing their finances. Isn't your financial security worth taking a few hours a week or month to consider?

I don't have clear goals. Wandering down uncharted roads and stopping wherever it fancies you can be a fun way to vacation, but it's tough mapping out a financial route if you don't know where you are or where you want to go. Writing down specific goals can spark you to do something toward achieving them.

The stock market's too high--or too low. The market always is too high or too low compared with some point in the past or the future. It's best to not invest in the market, anyway, unless you intend to stay invested at least three to five years. By then, the market will be someplace different from where it is today. One trick is to quit reading the daily headlines. They tend to immobilize people.

I don't have enough money to invest. Financial planning isn't just about investing. It also is about looking at all parts of your financial picture. Maybe you are paying too much for car insurance or...