Everyone needs a financial plan whether it is a big plan or small plan , whether involves a lot of cash or a little cash. The important thing is that to spend wisely because of it can be used for some purposes in the future.
Here is the purpose of why we need financial planning :
1. For emergency purposes : we never know if there is something happens beyond our expectations in the future , for example, broken cars , children getting sick , lost phone and so forth . If we do not have some money for this purpose, we have to get it from close people like friends and family.
2. For education purposes : most of us want to pursue the education to a higher level. Due to education fees getting high from time to time, we have to plan our financial to support the education. Furthermore, children's education in the future is also very important
3.For wedding purposes : Now if you want to get married , it's like if you do not have to a few thousands dollar be too difficult, so plan early .
3. To get a children : there is so much expenditure required , for example diapers , milk , medical bills and much more.
4. To buy things that we love : for example we want to buy a cell phone. There is many ways that we can get it, for example , credit card, by installments or cash basis. But to get cash in the meantime for majority of the people are so hard because a lot of other expenses should be prioritized.
5. For medical purposes : Since insurance is very vital nowadays, this is very important to plan especially now the medical cost has increased from time to time.
6. For the purpose of retirement.
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