Personal Financial Management

What is Financial planning?

• Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life.
• Financial planning is the long-term process of wisely managing your finances to help achieve your goals and dreams, while at the same time negotiating the financial barriers that inevitably arise in every stage of life.
• Remember, financial planning is a process, not a product.

Importance of Financial Planning

• Income: It’s possible to manage income more effectively through planning
• Capital: An increase in cash flow, can lead to an increase in capital
• Family Security: Providing for your family’s financial security is an important part of the financial planning process
• Investment: A proper financial plan considers your personal circumstances, objectives, and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals.