What are the Steps in Personal Financial Planning?


Financial planning involves the strategic structuring of monies to secure future financial prosperity.

  1. Firstly, one should seek a financial specialist to consult with. This person would be qualified and best able to offer advice tailored to suit a person’s specific financial circumstances.
  2. Secondly, in order to provide such advice, the financial specialist would interrogate the person about their current financial status, incomes, liabilities, assets and the person’s aims, both short and long term. This information would be gathered using both qualitative and quantitative surveying methodologies.
  3. The next step requires the financial specialist to sort, analyze and assimilate the information that was gathered. Thus, the negative aspects about the person’s current financial situation can be identified. This enables the specialist to design fixes for any flaws, with the aim of helping the person’s short and long term financial aims be satisfied.
  4. Following this, the financial specialist would then put their recommendations, proposals and plans in writing. This can now be reviewed and discussed with the person concerned who would indicate whether they feel comfortable in their ability to commit to, and execute the proposed plan or recommendation.
  5. The key juncture at this point would be to actually implement the proposed plan or recommendation. The financial specialist would help to synchronize and coordinate the execution of the plan with other relevant individuals like stockbrokers or lawyers.
  6. Finally, with the plan or recommendation put into motion, the financial specialist and the customer would now intermittently review and monitor the effects to see whether the aims of the customer are being achieved. The financial specialist may make further adjustments or recommendations to adapt to any drastic changes in the economy, which may hinder the financial plan.


Planning your finances every day

$5 a day goes a long way when saving for your personal finances.


The following document is to be a sample of steps that one should take when planning one’s personal finances. Every financial planner will offer services and steps that are not included here.  Planning your financial future it is of the utmost importance and we hope these steps help you achieve your long term goals.

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