When it comes to financial success, planning is key. We’ve talked about the importance of having a budget many times, and this strategy remains a critical element of most successful financial plans. After all, saving and investing only works if you plan it around your income and expenditures—it takes a bit of work, but it’s more than worth it in the end.

Financial planning is how individuals can get out of debt, preserve and grow their savings, invest in their future and create peace of mind. Here’s an overview of five things everyone should include in their financial plan.