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Financial Planning Process

Financial planning is long term a process of wisely managing your finances so that you cannot only  achieve your goals and dreams while at the same time negotiate financial barriers that inevitably arise at every stage of life.

The financial planning process consists of following six steps:

  • Establish your goals in life – short, medium and long term
  • Work out what assets and liabilities you have – write them down
  • Evaluate your current financial position –  how close are you to achieving your goals
  • Develop your plan – create a "route map" for achieving your different goals
  • Implement your plan – make the changes and make it happen
  • Monitor and review your plan at least yearly and make adjustments when needed
It's all about getting organised, being in control of finances rather than letting your finances control you.