Personal Financial Planning and Life Goal-Setting

Personal financial planning is something that everyone should incorporate into their lives. "Planning" is the operative word in the term "financial planning." Without "planning" built into your financial landscape, you will retire without a nest egg (if you can retire at all!), have a wedding with far less fanfare and money than you hoped, bring children into the world without a "plan" (a four-letter word to some) to pay for college and live hand-to-mouth throughout life.

It is not a pretty existence, nor is it one that people typically enjoy. Add that one word, planning, along with the corresponding activity, and you have a life free from many of the hassles and headaches associated with life void of a plan.

Regardless of what age you are, it's never too late to plan. Admittedly, it's better to start young, but don't discount yourself if you are in your twilight years. Set up a plan to carry out your plan. Start a financial diary where you monitor your progress along the way to ensure your financial planning becomes a habit. This will reveal when you've achieved your milestones, so you can celebrate, but also show you where you have struggles. Some have described this as a life saver.

To begin, purchase a journal to document your financial planning journey. Keep in mind that you are much more likely to act on a goal when you physically write it down. Also, to have a point of reference, date every entry you make in your journal.