Have you had to live a moment of uncertainty where you do not know how you can cope with certain expenses or debts you have? If it has touched you it means that you are in an economically active life and it is something that has happened to us all; However, not everyone knows how to handle this uncertainty and that is due to the level of financial education you have or the experiences.
Nobody can predict 100% what will happen in the future, but if we can estimate and make projections of what are the possible scenarios that we are going to face and that is where the importance of having a financial plan lies . What is a financial plan? A financial plan is a road map where the viability of your personal economy is drawn and analyzed based on real data and some assumptions, which in plain terms means knowing where you stand and where you are going.
Developing a financial plan
Developing a financial plan is something simple, you just need to have Excel or a notebook where you want to capture all the plan you want to carry out, here are some important aspects that your financial plan should know and have:
- Why do you need the money
- You must determine how much money you need
- How are you going to get it
Find out what are the needs or desires you want to meet
Knowing the main reason or need to obtain money helps us develop the strategy to follow to obtain the money; It is very important that you take some time to think and find out what are the needs or desires you want to meet and write them on a sheet in order of priority, for example, remodeling the house, changing the room set, improving health, paying the studies of the children etc. This order of priorities is unique and personal, that is why you should do it alone or with your partner.
When you know why you need the money, the next thing is to determine how much money you need, knowing the exact or estimated amount, you can capture a series of sources of income that will allow you to get the money; Sort the ideas from the most feasible, to the least difficult, this is so that your energies are channeled in the proper way and you go forward as you get good results and not vice versa.
Increase your source of income
Finally, since you have a list of the options to increase your source of income, you should think about how you are going to get, for example, if your first option is to ask for a salary increase, you should think about how you will get it, you can request a meeting with your immediate boss and express your intention that you obtain a salary increase, do not do it based on what you need, rather, on the achievements you have obtained or the benefits you have given the company and therefore your Desire to be valued or recognized.
Financial plans are very important, if you develop them you will realize that the decisions you make will be more precise and you will have the peace of mind that you are taking important steps to achieve a certain objective.