Weekly Reflections #16 : Financial Planning

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Hi steemians, I trust you guys are doing well in your various activities, may God continue to bless us all. 🙏 the organiser of this contest @damithudaya i appreciate your efforts in this STEEM FOR BETTERLIFE. Let me draw the attention of my friends so that they can engage in the contest, too, @bluesniper @waterjoe @m-fdo @dirapa.

          FINANCIAL PLANNING 

This is the state of estimating the capital required and determining its competition.

♥️DO YOU THINK FINANCIAL PLANNING IS IMPORTANT AND WHY?

It's really necessary to have the thinking faculty of financial planning, because it's what you can benefit in future, financial planning also prepares you for unexpected risks like unexpected illness, emergency stuffs something like that ,

but if you dont have financial planning mentality you can't be able to solve unexpected issues that lead to money.

It's important because no one knows what's going to happen in the next one hour. Life is all about again or loss, so for you to be on the profits side, you have to plan financially,as an investor or a businessman always have a plan B and invest in business that will bring lifetime benefits such as real estate business, etc

♥️HOW DO YOU TRACK YOUR EXPENSES AND SAVINGS?

You will need to have a record book for an example. When i was into laundry services, i normally have a record book that contains both the expenditure and the profits.

Moreover, it was not every day that i cross checks , i only cross checked once a week, basically on weekends. This can help you to know if the business is moving forward or backwards. Then, after cross checking, I discovered that I'm on the profits side, so i have to minus the expenses from the profits, then the one that's left we go for savings account.

Then, for salary earners, you can still plot your draft. For instance, you are earning 50k per month as a single person. You have to try and save at least 20 % out of the 50k, then use 30% for your spending. That's the example to prove you have a plan in the future.

♥️WHAT ARE SOME COMMON FINANCIAL MISTAKES TO AVOID?

♦️Buying a car when you know that you are not financially stable enough to maintain it, some people do it just to oppress others, but it's a financial error.
♦️No emergency savings fund: This can turn you into a debtor, and it will affect you in your business. The reason why we save is for emergencies and investment.
♦️Spending more than your daily or monthly income is a very big financial error. Doing this shows you don't have plans for the future.
♦️Building a house of your dream when you dont have enough funds to complete it. Do not just try it because the building will end up being a domp project .

          THANK YOU.🫶