Financial planning allows you to take stock of your current financial situation, which then helps you clearly identify and prioritize your goals.

Financial planning also offers a structured approach to managing your finances, reducing financial stress and enhancing overall financial well-being.

Starting your financial planning journey may seem daunting at first, but breaking it down into smaller steps can make the process more manageable.

Here are some key steps in financial planning to help you get started:

• Set a budget and track expenses

• Define quantifiable financial goals

• Plan for retirement

• Create an investment plan

A comprehensive financial plan should cover the various aspects of your financial life and should include:

• Short-term and long-term financial goals

• A budget detailing your income and expenses

• Money set aside for your emergency fund

• Insurance coverage

• Plans for retirement