It is a process that involves pulling together all of your material resources to develop a program (plan) for managing your financial resources and achieving your life goals while negotiating the financial challenges that may arise over time. Financial plans are based on your goals, needs and circumstances. Your plan can be broadened to include retirement, insurance, tax and estate planning. This plan will budget a portion of future income to your various expenses (rent, utilities) and reserve some for short-term and long-term savings.
