Knowledge of Financial Planning is crucial to achieve any degree of financial independence. You can follow our simple 5-step plan to achieve more control over your finances.
Step 1 - Be Realistic
Set realistic financial goals for yourself. What would you like to accomplish financially? Your goals can be short, medium or long term.
Step 2 - Check your current position
Evaluate your current financial position. Try to be as realistic as possible, and consider all your income and expenditure.
Step 3 - Have a Plan B
Identify and evaluate alternative plans. Having more than one plan based on different scenarios helps you to be better prepared .
Step 4 - Pick the best plan
Select and implement the best plan of action. It is best to review your plan and make sure it is adaptable to the realities on ground and, ultimately, the realization of your goals. Is your plan simple and achievable?
Step 5 - Review often
Review your chosen financial plan consistently. To maintain your focus you will need to regularly revisit your plan and ensure that you stay the course. It is one thing to plan and quite another to ensure that you meet your goals.