Weekly Reflections #16 : Financial Planning
Hello everyone,
It's your favorite Steemian @rakiya from Nigeria and I'm delighted to join in this contest organized by @damithudaya in this noble community today. It's a wonderful contest and I love to share my participation in it.
Do you think Financial Planning is important and why?
He who fails to plan, plans to fail. This is very true in every part of life including the financial aspect of our lives. So with this you will agree with me that financial planning is very important in our lives.
When you have a financial plan you will be able to manage your finances and also you will be able to give a detail record as to how you spent your money. So with financial planning you will know what to invest in and you will also have a scale of preference as to what to do and what is most important.
So financial planning is important as it helps us to grow more and also to know the basic things to attend to first before the others. Having financial planning means taking into consideration how you spend you money and giving account details of all your finances.
How do you track your expenses and savings?
To track your expenses as well as saving is very easy and simple. What you need to do always is to ensure that you put them in writing. So when you have money and you want to save or spend you should also have a ledger where the record of what you have spent or what you saved is recorded.
Dates of your expensense and savings should be properly stored or recorded in that way you will be able to know all about your finances which include your income your expenditure as well as the ones you have saved.
So when checking through your finances this record will help you to make better adjustment because you have all the record in store. With proper record as such it is easy to track and know where you money is going and how to make adjustments on either spending or savings.
What are some common financial mistakes to avoid?
One of the major financial mistake one must try as much as possible to avoid is not keeping proper record of their finances. What this means is that if you don't have a record of your savings or expenditure then it will be difficult to give an account of what you are doing with your money so this must be avoided by all means. As someone seeing money you must have a financial record of your money.
Another mistake that must be taken into consideration is spending above your means or your earnings. As you know people earning should be based on what they are earning so if decide to spend above what you are earning it means you will not be able to save anything which means that you will have to be on credit for the next month because you won't have any savings at all.
I invite
@inemesituwah
@newekemini5
@vickyson
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Thankyou for sharing with us how to manage our resources especially in this critical time. And it's very clear as you said earlier that if you failed to plan, you plan to fail. And I 've learn a lot from your write up.
I strongly believe, I will try and put this to practice as this will help me plan well.
Many thanks once again and God bless you for sharing with us.
Greetings dear friend you have explain so well about what financial planning is and I agree with you that spending above our means or earnings should be avoid thanks for sharing
Thank you very much for your entry and as you have said it's great to track our expenses and earning! Good luck!