Whether you're the sort of person who who counts every penny or the sort who can't find their bank statements, you may still wonder how to start your financial planning.
Everyone has goals, just as everyone has expenses and overheads. It's finding the right balance between spending today and saving for tomorrow which forms the basis for financial planning and a sound financial plan.
In general usage, a financial plan can be a budget for spending and saving future income. This plan allocates future income to various types of expenses, such as rent or bills, and also reserves and allocates some income for short-term and long-term savings. Short term savings are for things like cars, holidays and kitchens. Long term savings are for income in retirement, further education and deposits for homes.
A financial plan can also be an investment plan, which allocates your wealth to various asset classes, most commonly cash, bonds, stocks and shares and commercial and residential property. Spreading the risk is what it's all about and ensuring that the risk you're taking is in line with your risk tolerance.
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