When should we start financial planning?

ashart By ashart, 15th Jun 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/icz77jcm/
Posted in Wikinut>Money>Money Saving Tips

People often wonder, when is the right time to start financial planning, when should we start saving? Here's an article to stimulate your mind, feel free to share your thoughts!

Introduction

Many people in the world today are often having problem with money. Most of the time, they are worrying about their finance, for example, do we have enough money to get us through the month? Generally speaking, there are methods to help relieve stress on this issue. That would be financial planning. And no, it does not require alot of effort, neither do you need a professional financial planner. Read on to find out more!

When is it the right time to start?

It is never too early to start financial planning! You can start once you have a source of income, be it salary from baby-sitting or allowance from your parents during your high school days! In my opinion, i think it is great if we could start financial planning early, you will be more assured in the future knowing that you have a plan in mind.

How do you do financial planning ?

First of all, write down your goals for the next five years. For example, what do you plan to achieve with your money in the next five years.

After which, list out your monthly expenses, look through it and try to eliminate expenses which you feel that it is not necessary. For example, if you realise that you are spending alot of money on cab, try to take bus or train the following month, I'm sure you will be able to save quite a sum from there!

Always set aside a small about from your income, be it 10% or 20%, you will always have backup funds! Make it a hassle to get money from your backup funds, for example, you have to get down to the bank to retrieve money from the fund, and you would definitely will avoid taking money from backup fund when you see the queue at the bank! Or another simple method, keep the backup fund with someone you trust, your parents, they can be the guard to your backup fund if you find it difficult to practice self control!

Tags

Financial Planing, Money, Saving

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author avatar ashart
I love writing. I like to write whatever that comes to my mind.

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