Personal Financial Planning refers to the stress and-free spending allow you to enjoy life without feeling guilty about your expenses.This Part of your budget can be used for activities that bring you
joy and relaxation ,such as entertainment,restaurant, shopping,gym,hobbies,vacation,clothing,housing/rent,food ,inurance,groceries, healthcare,utilities or medical, investment.By setting
aside money specifically for leisure,you can including in your interest without compromising your financial stability.This balance between saving and spending is key to maintaining
a healthy and happy lifestyle is called Financial Planning.
Here are 3 ways to manage money wisely :
1.Every month income money 10% save
2.Every month income money ,100 spend 80
save 20
3.people pay four time money things
FAQs About Personal financial Planning
How to do financial planning for future in India?
Ensure to set aside funds for emergencies, savings and investment purposes. After you have allocated the funds, monitor the spending and record it as and when it happens to avoid exceeding the budget. It will help regulate your expenses and stay within limits.
What are the 7 steps of financial planning?
7 Steps of Financial Planning:
Establish Goals. …
Assess Risk. …
Analyze Cash Flow. …
Protect Your Assets. …
Evaluate Your Investment Strategy. …
Consider Estate Planning. …
Implement and Monitor Your Decisions.
Conclusion
Money Management is one of the most importance parts of financial life such as emergency fund,future expenses(sinking fund),retirement fund),education fund,marrige fun,short term fund or passive income.within this category ,its wise to set aside 3-5% as an emergency fund .This fund facts as a financial safety
net ,protecting you from unexpected expenses like medical emergencies or urgent home repair.