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Personal Financial Planning
by Alyona Melnik
Plan
Financial planning analysis
Budget structure
Personal planning process
Budget optimization tools
Financial planning analysis
 Personal Planning: process of managing
your money to achieve personal
economic satisfaction.
 Personal Plan: formalized report that
summarizes your current financial
situation, analyzes your financial needs,
and recommends future financial
activities.
Figure 1.
Budget structure
Income
• Regular
earnings
Expenses
Savings
Debt
• loans
• Fixed (bills,
food, clothes)
• Current
(repairs, fun
money)
• Rainy fund
• Future
purchases
• Vacations
The Role of Personal Financial
Planning
 To manage income and
expenses.
 To create an awareness of
your current financial status.
 To plan for the future by
developing goals and devising
ways to achieve those goals.
 To provide a system of
evaluation and revision for
your financial progress.
Financial planning stages
1. Sum up all expenses
2. Divide expenses into fixed
and current
3. Plan future spending
4. Write down all expenses
5. Make savings
6. Monitor income and
expenses
7. Optimize income and
expenses
Figure 2
Budget spending pattern in the USA
Budget optimization tips:
1.
2.
3.
4.
5.
6.
7.
Focus on savings
Use cash
Stop bad habits
Pay down debt
Keep your receipts
Analyze your spending
Be flexible
Budget construction tools:
1. Record and compare
expenses
2. Reduce unnecessary
spendings
3. Increase income
4. Meet the budget
Conclusion
 A variety of tools are helpful for
constructing a personal budget.
Thank you for attention
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