![]() ![]() You could use the $50 to pay off your debts. ![]() You could invest in stocks instead of putting your money into a savings account. You may decide to increase the amount of money you save every month to $60. Generally, you have several possible courses of action. It is impossible to make a good decision unless you know all your options. So, you could save $50 every month or 15 percent of every paycheck. For example, you might want to save money. Only you can decide what specific goals to pursue. So you may want a leather jacket, but other less expensive coats would also keep you warm. For example, if you live in an area where the winter is cold, you need a coat. A want is something you desire or would like to have or do. A need is something you must have to survive, such as food, shelter, and clothing. Needs and Wants Another important aspect of developing finan- cial goals is knowing the difference between your needs and your wants. Differ- ent people value different things. To develop clear financial goals, think about your attitude toward money and ask yourself some questions: Is it more important to spend your money now or to save for the future? Would you rather get a job right after high school or continue your education? Do your personal values affect your financial decisions? Values are the beliefs and principles you consider important, correct, and desirable. When you have determined your financial situation, you will be able to start planning. You can use a small notebook to track your expenses. Monthly income (job earnings, allowance, gifts, and interest on bank accounts)Ī good way to estimate your expenses is to keep a careful record of everything you buy for one month.To figure out your current financial situation, make a list of items that relate to your finances: STEP 1: Determine Your Current Financial Situation The financial planning process has six steps to help you reach your goals. Whether you are spending, saving, or investing money, planning can help you to make big or small financial decisions. You can help your partner and support your children, if you have a family.You have less chance of going into debt you cannot handle. ![]() You know how to use money to achieve your goals.You have more money and financial security.It is up to you to make and follow a financial plan. Planning your personal finances is important because it will help you to reach your goals, no matter what they are. For example, getting a college education, buying a car, and starting a business are goals. Goals are the things you want to accomplish. Personal financial planning is arranging to spend, save, and invest money to live comfortably, have financial security, and achieve goals. What is personal finance? It is everything in your life that involves money. What are the benefits of financial planning? In these worksheets, you will find several charts that show your financial reality quickly and objectively The file to download presents four Excel template personal financial planning To be able to use these models correctly, you must first activate the macros at startup. ![]() These Excel template personal financial planning work on all versions of Excel since 2007.Įxamples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information. Microsoft Excel software under a Windows environment is required to use this template So you do not run the risk of reaching the end of the month in the red without any idea. Ideally, I advise you to record your expenses and receipts each day on a spreadsheet and analyze weekly your expenses so far, your future expenses (card payments and others) and when you receive your payment. The periodicity of the analysis and use of personal financial planning varies from person to person and there is no right or wrong. This way, you avoid impulse purchases that can take you into debt and know your balance in real time. As its name suggests, it's up to you to organize all of your income and expenses, both what has happened and what's coming, so you always have control of your personal finances. The control can be done in the short term or with forecasts and budgets.įinancial planning is a management tool applied to your income and expenses. Personal financial planning is the exercise of controlling with greater precision the inflow and outflow of money at the personal or family level. This article provides details of Excel template personal financial planning that you can download now. Excel template personal financial planning ![]()
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