Studies show that a comprehensive financial plan can benefit people at all income levels — but not a lot of Americans know this.

Only 31% of financial decision makers in families say they have created a comprehensive financial plan either on their own or with professional help, according to the 2012 Household Financial Planning Survey conducted by the Certified Financial Planner Board of Standards. The Board defines a comprehensive financial plan as one that covers savings and investments; planning for retirement, education, emergencies, major purchases, and other financial goals; and insurance needs.

But few people have plans in place to cover even a part of their finances: The same study showed only 35% of people have a plan to save for emergencies. And only two-thirds have a plan to meet any of six savings goal, such as for emergencies, retirement, a child’s education or a down payment on a house.

It’s too bad those figures aren’t higher, given that the same survey showed that comprehensive financial plans benefited even people at lower income levels.

Here are ten reasons to get a comprehensive financial plan if you don’t have one yourself:

1. It will help you define your financial goals.

Most financial planners will begin your plan by asking you what your financial goals are. For couples, sometimes doing this exercise alone is enough to get the two partners on the same page. Unfortunately, most people spend more time planning their vacation than planning for retirement or for their financial goals

2. It will help you see whether your goals are realistic, especially for your timeline.

After taking a look at the goals, we look to see how you can get there — how much to save, what types of investments to make. Many goals, such as saving for retirement, a mortgage or a child’s college education and paying off debt, are easily obtainable with proper financial planning.

3. It will help you see how you can bring your spending in line with your goals.

Once you know where you’re headed and how long it will take to get there, then you can look at your cash flow to find out if you’re spending more money than you’re taking in. The exercise of analyzing expenses often surprises people. “They say, ‘I had no idea I was spending that much on eating out.”

4. It will show you what money mistakes you’re currently making.

Aside from spending too much, analyzing not just spending but the overall financial picture sometimes exposes mistakes — and easy fixes.

5. It will allow you to measure your progress on your goals.

Once the plan is in place, you can set up measurable goals, such as regularly contributing a specific amount of money toward either savings or debt over a period of time.

6. It will help you find new ways to maximize your money.

Having an outside expert look at your financial picture might reveal opportunities to make or save money that you hadn’t thought of. Sometimes we realize that our clients aren’t taking advantage of a flexible spending plan at work that allows them to pay for health care expenses using pre-tax dollars. If I told you you could buy everything at a 28% discount, wouldn’t you want to?

Other missed opportunities we see are passing up the company 401(k) match, which we call a “guaranteed 100% return on investment.”

7. It will help you identify risks you hadn’t thought of.

Part of a financial plan is looking at risk capacity: What is your risk of becoming disabled and being unable to support yourself or your family, or dying early and saddling your family with an unmanageable mortgage payment?

8. It will make you more confident with your money.

According to the CFP Board survey, 52% of those with a plan feel “very confident” about managing money, savings and investments, while just 30% of those without do. When we’ve completed financial plans for people, they generally feel in control of their finances, and they also feel a new sense of discipline.

9. It will help you build wealth.

The CFP Board survey showed that those with a plan also have more money saved and are more likely to pay their credit card bills in full. Notably, even those who make less than $25,000 are more likely to pay their credit card bill if they have a plan than people who make from $25,000 to $49,999 and don’t have a plan — 41% to 26%.

10. It will help you live more comfortably.

Those with a plan are also more likely to say they’re living comfortably — 48% to 22%, according to the CFP Board survey. Even more remarkable is that those with a plan making between $50,000 and $99,999 are more likely to live comfortably than even those making $100,000+ without a plan: 50% to 46%.

While you don’t necessarily need to hire an outside person to create a financial plan for you, a lot of people do so to save themselves the time and energy of sifting through a lot of advice.

Contact us today for a free financial planning consultation.