What exactly is financial planning?

Financial planning is the process of assessing your financial goals, taking an inventory of the money and other assets you already have to help you reach those goals, and estimating what you will need in the future. Financial planning also includes .

• Using a monthly spending plan, or budget, to keep your finances on track.


• Making decisions about your job and job benefits.


• Getting the most out of other financial resources, including insurance and government assistance.


• Saving and investing money.


• Controlling expenses and staying out of debt.


• Planning your estate.