Thread: How to create our own financial plan?

Written Financial plans are organized strategies for maintaining financial health and financial goals. Maintaining a financial plan help us to control our financial situation.
It can enhance our life quality by reducing the money-related problems and future needs. maintaining our own financial plan is a good practice.


Can someone tell me what are the process to develop a personal financial plan?

Originally Posted by Bhavya

Written Financial plans are organized strategies for maintaining financial health and financial goals. Maintaining a financial plan help us to control our financial situation.
It can enhance our life quality by reducing the money-related problems and future needs. maintaining our own financial plan is a good practice.


Can someone tell me what are the process to develop a personal financial plan?

Yes, if you're dealing with a company (public or private) then you should probably maintain financial statements such as balance sheet, cash flow statement, financial statement position and a budget, of course, these are the main statements that are followed by every company. A so-called must even!
If it's for personal then you should probably maintain a trial balance which shows your Debit and Credit of the particular year you assume.

Originally Posted by Moana

Yes, if you're dealing with a company (public or private) then you should probably maintain financial statements such as balance sheet, cash flow statement, financial statement position and a budget, of course, these are the main statements that are followed by every company. A so-called must even!
If it's for personal then you should probably maintain a trial balance which shows your Debit and Credit of the particular year you assume.

Thank you for this detail explanation. Can you give me a brief explanation of the trial balance?