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Texas ISD School Guide
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Short Stories for Teachers

Why is Financial Planning Important?
By:Kenny Leones

Often there would be times when we find ourselves short on cash and already in panic mode because we don't know where to get the money to pay for bills; utilities and worse; emergencies.

Today's hard times should encourage all of us to stash a little bit of our regular income away for rainy days; and also to build a nest egg for our future retirement. This is where financial planning comes into play.

The question actually isn't Why Is Financial Planning Important; but more so, why haven't we started on our financial planning? Why Is Financial Planning Important should actually some of our concerns with regards to money we spend against the money we earn monthly or at least on a regular basis.

WHY DO WE NEED A FINANCIAL PLAN?

There is no doubt that a sound financial plan, whether for personal or business purposes will give us more benefits than we can ever imagine. But let's say that we are talking about our personal or family financial plan.

When we start to consider the question Why Is Financial Planning Important, the first thing that comes to mind is security. We want to be secured when it comes to money matters because we can lose everything in one fell swoop if we are not careful.

Who wants to be at the receiving end of bankruptcy? If we have been working hard enough for most our lives; it's only fair that we get to enjoy the fruits of our labor when we decide to retire.

Whether we are well-off or not, having enough money to support us when we stop working should be on top of our list when we start to ask ourselves Why Is Financial Planning Important?

The second reason could be to have enough money to pay for our children's college education; to buy a new car in the near future; renovate parts of the house; and most importantly, to have cash on hand should emergencies arise.

WHERE TO BEGIN?

We don't have to have an accounting degree to be able to get our financial planning off the ground. The first thing to consider with regards to the question Why Is Financial Planning Important; is to take note of our regular income - the money we use to pay for bills, buy food and pay for other incidentals.

After which, we should also take note of every expense that we incur on a monthly basis; from transportation fares to meals at work; clothing budget to food at home; bills; children's medical expenses; and every other detail where money is used.

From this list; we can tick off things that we can forego or at least reduce. If we dine out at least three times a week, cutting this down to once a week or even twice in a month; will give us money for savings.

There are other money saving tips that we can consider so we can start on the right track with regards to our financial planning. On the other hand, there are likewise professionals who can help us understand better on Why Is Financial Planning Important and steps we can do to start on this right away.

The important thing to remember here is that everyone needs a workable financial plan no matter our status in life. This way, we will always have extra cash for rainy days and emergencies.

Visit these sites if you want more information about why is financial planning important or why is agriculture important in particular - http://www.thelists.org.

Article Source: http://EzineArticles.com/?expert=Kenny_Leones






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