Financial Planning Guide 2021

Personal Financial Planning

Budgeting

Steps to managing income and expenses include:

•  Be realistic when making a budget.
•  Identify monthly outflows as living expenses, savings, and discretionary.
•  Estimate low for income.
•  Estimate high for expenses.
•  Track every expense.
•  Track income and expenses monthly and review periodically.
•  Save for large purchases.
•  Save first.
•  Budget for fun.

Read more: Financial Planning Guide 2021