Financial Planning: A guide

In my previous article, "Where do you see yourself 5 years from now", I mentioned about Financial Freedom and Awareness. A life free from financial burden is not far from reality. It is achievable, just be committed and stay focused, and never digress from your financial plan.

Good financial planning leads to a better life, and in due time, total financial freedom. My recipe for attaining this goal:

1. Set your goals. Setting your goals in life is very important. It will be your North Star so you won't be lost in your journey. There are times when we lose hope and get intimidated with the hurdles we face in our day to day lives. Setting your goal will help you clear your mind and will serve as your inspiration to strive harder.

This topic will be discussed further in another article, so stay tuned and subscribe to my blog. Just hit the subscribe button.

2. Set priorities. After setting your goals, you need to set your priorities. Your goals are the ultimate achievement, while your priorities will serve as ladders in reaching your goal. Every individual has different priorities, but it will really help if you set your priorities and include in it your financial plan.

3. Check your progress regularly. During the course of executing your financial plan, you should perform a regular check. This could be monthly, quarterly, semi-annual or annual. What are these checks for? A regular check is needed to evaluate from time to time how close you are in achieving your goal. It can be used to validate if what you are currently doing is helping you achieve your goal. You can then decide if you need some adjustments in your financial plan, or you can set other options as you go along.

4. Celebrate and reward yourself. With each milestone through your financial plan, it is a good practice to celebrate and reward yourself for a job well done. This will give more motivation and a feeling of self-fulfillment. This does not mean however, that you need to spend too much. The reason for this financial plan, in the first place, is to be free from financial burden so spending too much is a no-no.

In the next article, I will discuss more about "Goal setting", so subscribe now. If you have any idea or comment or reactions, please feel free to write in the comments section below. I would love to discuss it with you.