PERSONAL FINANCE PROJECT PAPER

Personal Finance Project Paper

Personal Finance Project Paper

Introduction

Doing financial or fiscal planning in your life affairs is termed as the process of setting some goals in your life and then achieving these goals through properly managing your finances and expenditures. These can either be short term goals or even long term goals, depending on the nature of requirements. Life goals vary in nature they can be like buying a home, a post-retirement plan or saving for the education of kids. There are certain steps involved in such planning, these include setting life goals, gathering relevant fiscal info, analyzing current financial status and coming up with a plan for meeting your life goals given your current situation and future plans.

Financial organized thinking helps you in directing your decision to the true sense of having fiscal gains. An example of such act can be stated as, if you buy a big-screen television using a credit card it increases the value of your belongings, but it is likely to cost you more in the long run, due to the financial charges. (Duncan, 2003)

By considering each and every monetary decision as part of a combined effort, you can view its long-term and short-term effects it lays on your life goals. There is every possible option of adapting it more easily to military life changes and feel more secure that your goals are on track.

Intellectuals have thought certain ways of dealing with the financial planning issues, and have also suggested how one can formulate fiscal life plans. These steps are explained below.

Educate yourself about money.

Handling money properly is a tough and pain taking job, it requires great composure and prior knowledge and experience of monetary affairs. Without having proper knowledge of these affairs one can dig deep in trouble. The only way out of this trouble is to acquire basic knowledge about money. You are ought to have basic knowledge about these affairs before you invest in any of the monetary matters.

Every person in this world possess different unique experience or life than others, same is the case with counselors; that is why every counselor adopt different approach to help his or her clients. Emotions like pain, sadness, love, affection etc. are feelings people face at some stage in their life. (Siri, 1986)

Establish financial goals

Once you have acquired proper know-how about the monetary affair then comes the process of properly formulating a suitable policy or plan to safely invest your life earnings. These planning require a very sound knowledge of finance and the trends which are persisting in the market. Financial actions follow a certain path or trend which needs to be sorted out so that your decisions can be kept aligned to that.

Create a budget

Once the targets are set according to the prescribed info, considerable schemes are developed in plight to complete these goals. The achievement of these goals can be done by restricting unneeded expenditure or by increasing the income level by stocks investment or even by interest earning ...