Weekly Reflections #16 : Financial Planning

Hello Steemians, welcome to my post. I am excited to participate in this challenge which I have talked about "Financial Planning"

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Do you think Financial Planning is important and why?

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Yes, I think financial planning is important because without financial planning one might likely spend his or her money on things that are not important and end up going broke. Financial planning is important because it helps us to spend our money wisely on things that are profitable and relevant to us.

It is also important because it helps us to achieve our financial goals and help us to overcome poverty, and the most important aspect of financial planning is surviving inflation. Without financial planning, it would be difficult for us to overcome inflation but with the help of financial planning, we can overcome inflation.

Financial planning helps us to create a good roadmap that would help us achieve our financial goals in the future. Like for example a person who wants to build a house in two years to come would adjust and plan the way he or she will be spending his or her income to build or buy his dream home.

Finally, financial planning is important as it gives us better control over our income. With financial planning, we can plan on managing our income and expenses in a way that wouldn't affect us.

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How do you track your expenses and savings?

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I have a mobile bank App, that I am using to track my expenses and savings anytime that I withdraw or put money into my account it will be reflected in my account statement. To this, the following way is how I track my expenses and savings.

• By checking my account statement weekly
• By categorizing my expenses
• By building a budget that works for my expenses
• Checking a chart and history of my transactions to know the inflow and outflow.

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What are some common financial mistakes to avoid?

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People make a lot of mistakes spending above their monthly income and at the end of the day, they end up begging for money. However, below are some of the financial mistakes you should avoid making.

• Avoid overspending and living beyond your income
• Don't ignore saving and investing
• Lack of financial planning
• Mismanagement of funds
• Not saving for retirement
• Avoid the mistake of trying to impress people

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I am inviting: @choimzy810, @nancygbemi, and @woka-happiness

Cc:-
@damithudaya