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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