What are the first two steps in personal financial planning?

whittaker · Apprentice Joined: 25 Sep 2005 Posts: 12

I have recently been looking to save some money, but also to get some good insurance. I do not have much experience with it. However, I would like to know what are the first two steps in personal financial planning, as that is something I need to do first. If anyone could help me, that would be great. Thanks in advance.

boonie · Apprentice Joined: 20 Aug 2004 Posts: 14

Insurance policies are one of the most important aspect of your financial security when you have some valuable asset to protect. The truth is, you always have at least one - your life and health. However, that is only a part of larger scheme of personal financial planning. The first, and absolutely critical step is to calculate exactly how much money you have available each month, track your costs and try to spend less money than you have. The second step is to calculate in all the possible unpredictable costs and set aside a certain sum for these cases. Hope you find the info helpful.

smithbell81 · Apprentice Joined: 18 Oct 2011 Posts: 1

I am doing financially planning since the day I got my first job because I know in the near future if anything happen like recession than I couldn’t afford to live in the city. First step as I think is start where you are now because when you realize that this is the time I should think of financial planning, that is the best time. Second take advice from any financial planner or advisor near your city because they know better than you, if you like the planning apply it otherwise move on..