(BPT) - By Christian Lau and Gene Perkins

October marks the beginning of Financial Planning Month, bringing attention to an important issue in the lives of many individuals and their families. Unfortunately, when it comes to finances a majority of Americans do not have a cohesive plan in place - recent data suggests that only about 36% of the population has any sort of written financial plan. This is completely understandable - many are intimidated by the idea of tackling a stressful and sensitive issue head-on, and even more have no idea where or how to start the process.

The good news is that it's never too late to start building a financial plan. And with the end of the year approaching, now is an ideal time to take stock of your financial situation and take steps to mapping out a more successful financial future.

To help get you on track, here are a few things to consider when creating a financial plan.

• Take it One Small Step at a Time. Financial planning is like any other project - getting started is often the hardest part. Rather than considering the entire planning process all at once, which can be extremely daunting, break it down into small, achievable steps. For example, start by making a simple list of your short- and long-term financial goals. Then consider what basic actions you need to take - such as saving and budgeting - to arrive at those goals. Don't worry about tracking down years of receipts and tax forms. Those more advanced actions can be determined at a later point in the process and with the guidance of a professional.
• Consider Your Household Balance Sheet. Once you have made an initial list of your short- and long-term goals, go a little deeper and consider your household 'balance sheet.' This includes a slightly more detailed picture of income and expenditures; assets and liabilities; investments; and tax/titling considerations. Issues like estate taxes and family businesses may be included as part of this process.
• Create a Cash Flow Analysis. After the household balance sheet has been created, a more granular cash flow analysis can help identify if you are overspending and need to put more money into savings or retirement accounts to meet your financial goals. Cash flow analysis is an especially important part of planning for a major purchase (home, car, college) or life transition, such as graduation, parenthood or retirement.
• Consider a Financial Professional. Gone are the days when stockbrokers, advisors, and wealth managers were the domain of the elite and ultra-wealthy. Financial professionals nowadays are abundant, diverse, and ready to step in and help you get a plan together. What's more, finding a qualified advisor that is suited to your unique situation has never been easier. There are subsets of professionals who specialize in specific disciplines - such as education, trusts and retirement planning - as well as professionals who serve specific demographic needs (elderly, single parents, young professionals and more). Start in your own network; ask friends, family members, and work colleagues if they have an advisor they would recommend.

Life can be unpredictable, but your financial future doesn't have to be. This Financial Planning Month, take the opportunity to review your finances and goals with a trusted advisor. Now is the time to take that first step toward a more secure financial future. Reach out to Synovus to get started and to gain peace of mind.

Christian Lau is a Senior Financial Planner at Synovus Securities, Inc.

Gene Perkins is the Head of Private Wealth at Synovus Bank.

Disclosures:

Investment products and services provided by Synovus are offered through Synovus Securities, Inc. ('SSI'), Synovus Trust Company, N.A. ('STC') and Creative Financial Group, a division of SSI. Trust services for Synovus are provided by Synovus Trust Company, N.A. The registered broker-dealer offering brokerage products for Synovus is Synovus Securities, Inc., member FINRA/SIPC and an SEC Registered Advisor. Investment products and services are not FDIC insured, are not deposits of or other obligations of Synovus Bank, are not guaranteed by Synovus Bank and involve investment risk, including possible loss of principal amount invested.

Synovus Securities, Inc. is a subsidiary of Synovus Financial Corp and an affiliate of Synovus Bank and Synovus Trust. Synovus Trust Company, N.A. is a subsidiary of Synovus Bank.

Synovus Bank, Member FDIC.