Importance of financial planning can’t be discussed without saying what financial planning is. Financial Planning Simply means thinking about the future of your business, your family and the community you live in.
It also means that you prioritize and avoid wasting money on luxury items today in order to have sufficient resources available tomorrow to satisfy your needs. You should always spend less money than you make. Most people do not have the education on how to plan their expenses well in advance. They do not take a step to set goals and prioritize for the near and future. They also do not know the importance of financial planning. All resources are limited so is the money we have and make. It is therefore very important to have a plan for spending this money efficiently so that we know how much we need and can be sure that we will have enough to spend.
Read more to see the consequences of not having financial planning.

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