Personal Financial Planning
Financial planning involves far more than the making and sticking to a budget. It covers things such as emergencies and retirement as well. Even the goals that you have in life can affect your financial plan.
When you decide that you want something and make a plan to achieve it then it has become a goal. Goals no matter how small or how large are best achieved when you develop a financial plan that includes them. The size of the goal will determine how many steps you have to take to achieve the goal.
The goals you set for your income will affect your financial planning as well. The amount of money that you make will have a direct effect on the amount that you are able to set aside for the goals you have. Income may cause you to realise that you need a second source of income to meet your financial planning goals or that you have to cut some spending to achieve the goals that you have set out.
Elements Covered
Budget
Income
Expenses
Investments
Insurance
Income Tax
Savings