Weekly Reflections #16 : Financial Planning

Hi Steemians,
It's another day of the week and I'm delighted to participate in this contest today organized by @damithudaya which talks about Financial Planning. I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.

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Do you think Financial Planning is important and why?

In my opinion if you want to be successful in life, one thing you must always take into consideration is financially planning hence it is very important. Planning on its own plays an important role in our lives as people because a wise man once said he who fails to plan plans to fail.

So success depend solely on planning and this is the reason why I keep saying that financial planning is the most important we can ever think of when we think of success. If for instance you want to grow your finances, you need a plan on how to go about it and this will include budget as to how you are going to allocate your money.

In every nation today we have the country budget. Now the essence of this is to keep proper track and record on what is most needed in the country and everything that is not a necessity will be left out because there are many pressing issues that are supposed to be settled instead.

So the reasons I have presented above are the main reasons why I think financial planning is very important and should be taken serious by anyone who wishes to succeed financially.

How do you track your expenses and savings?

Through financial planning tracking your expenses and savings is very easy. Financial planning as we know includes your income, you savings and your expenses. So if you have a record where you have all these in place then tracking them won't be a difficult thing to do.

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You keep this record because it is necessary when it comes to measuring your growth and development in the financial space. Without this record you may not be able to give accurate report as to how you spent the money coming in and going out and even the one you saved.

So tracking your expenses and savings involved purely your planning. You may have a ledger or a book keeper who will enter all the records of your finances and in that way you can keep track of your record easily.

What are some common financial mistakes to avoid?

One of the financial mistake one must try by all means to avoid is unnecessary spending and high standard budget when you don't have the finances to cover that. Unnecessary spending is something that has crumbled a lot of people in this life because they didn't have a good financial plan.

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Also leaving above your means is another issues we must take into consideration. Don't compare yourself with others when it comes to finances. Be satisfied with what you are earning and then spend according to your standard. Don't go doing competition with people who earn higher than yourself.

So if you do this things I have mentioned above you will notice that you may not have yourself to blame in the nearest future because the mistake that was ideally supposed to cause you will no longer be there.

Here I will want to invite a few friends to also join the contest and share their entries as well. I invite @ruthjoe, @bossj23 and @mesola.