The end of the year is a period where most people make plans, goals and objectives that they intend to fulfill and undertake, it is so evident at the beginning of the year, then, that a positive emotional attitude is a guarantee of well-being and optimism to rethink our Finance, considering that income in our country is not very high, it does not mean that Mexican families cannot increase their economic possibilities, economic perception is not the variable for not achieving such an increase, but rather the administration of our resources, it is one year with new reforms and economic challenges where the economic success of families will depend largely on their financial planning.
Financial planning is understood as "a process by which the foundations of financial activities are projected and established in order to minimize risk and take advantage of opportunities and resources." In other words, financial success is to obtain the greatest benefits with limited financial sources, and thus be able to detect or identify our current economic situation in order to carry out or propose new goals, objectives and strategies to achieve them and finally make the right decisions.
There are various techniques for financial planning, whether personal or business, one of them is the preparation of a Cash budget, and goals and objectives depend on this, that is, it is on which the entire personal financial planning process rests in such a way. that there is motivation and personal satisfaction, each person creates their own reason to save and strive to achieve it; That is, if within your plans you are buying a car, you must first think about your total income (that is, the money you receive) to be able to set a personal commitment such as setting aside a savings percentage in such a way that allows you to achieve what you plan for the future, you may have to eliminate some expenses.
Annex some essential tips for the development of a financial plan:
- It is essential to have a pencil, sheets and calculator at hand First make yourself comfortable and brainstorm what you want to undertake for this year or in the future. Collect the total amount of your income, that is, your salary, if you have a business, your earnings, etc. Once you have identified your income, then begin to break down your expenses, that is, electricity, water, rent, gasoline, food, clothing, etc. Once you have identified your income, subtract it by calculating your expenses in such a way that you can determine what amount of money is the Excess result of your budget When it is observed that there is excess money, then it is there that the example raised above can be considered where it is intended to acquire a car, in order to set a% destined to savings for the acquisition of said Asset.The percentage will depend on how much you want to save for that purpose that you set for yourself.
Achieving good financial planning avoids taking less risks and mistakes or contracting excessive debt and if it allows you to have a comfortable retirement, providing money for any unforeseen event.
Keeping our finances healthy allows us to build the achievement of our dreams or not, it depends on ourselves, the best I can wish you is that you are an intelligent person in your finances, you are really enthusiastic: In your work, In your home, in everything what you do. Always being Skilled in everything you undertake, looking for wise strategies to increase your resources, promote savings and above all Financial education.
