Weekly Reflections #16 : Financial Planning
Hello, friends welcome to my post in which I have discussed Financial Planning as part of my participation in this 👉contest organized by @damithudaya
Do you think Financial Planning is important and why?
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Financial planning is a type of planning that deals with assessing our current financial situation to help us identify and achieve our future financial goals. It is like a written document that leads one to his or her financial goals which is why I think it financial planning is very important for us.
The reasons why I think financial planning is important are as follows:
Financial planning helps us to achieve our financial goals and overcome financial risk.
Financial planning helps us to identify and prioritize our financial goals.
Financial planning helps us to identify our spending habits and thereby introduces the best solutions that can help us improve our cash flow.
Financial planning helps us to make better decisions and encourages us to look and concentrate more on our future.
As a civil servant, public servant, military, paramilitary, politician, or business person, for you to do well financially, you need financial planning because money is like a spirit that is hard to get, but very easy to spend without financial planning many people would have been in abject poverty.
How do you track your expenses and savings?
I do track my expenses and savings from my inflow and outflow balance and the way that I spend money. It is very easy when I receive money, what I usually do, is keep track of the money like writing down how I will spend the money, how much I would save, and so on.
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In summary, I do track my expenses and savings from my account history and the statistics of my account. It is from my account statistics that my transaction history and savings are shown to me, which you can see from the screenshot above.
What are some common financial mistakes to avoid?
Some common financial mistakes to avoid are:
- Overspending more than your income
- Avoid taking too much debt
- Not saving for the future
- Not Investing in retirement or for the future
- Buying something that is a liability
- Having no budget.
I am inviting: @dove11, @dave-hanny, and @simonnwigwe
Thank you for your entry!
You know what you are doing and I glad finally someone has share their way in their own image!
Good Luck!
Thank you so much. Indeed, financial planning is so important to each and every one of us.
Thank you, friend!
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