Financial planning is a dynamic on-going process that requires continuous monitoring. Review of the actions recommended in the plan should take place regularly, and the goals should be reviewed annually to take account of a change in income, asset values, business or family circumstances. A financial planning that follows a properly defined and documented process will give the greatest chance of a successful outcome. The five major processes of personal finance planning are: 1) Defining and agreeing your financial objectives and goals, 2) Gathering your financial and personal information, 3) Analysing your financial and personal information, 4) Development and presentation of the financial plan, and 5) Implementation and review of the financial plan. It may take quite a bit of effort to plan and execute the financial management process, but it will be definitely worth it.

Abhijith S

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