Financial planning is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

This article covers the following:

Manage your Money
Regulate your expenses wisely
Maintain a personal balance sheet
Dealing with surplus cash judiciously
Create your personal investment Portfolio
Planning for Retirement
Manage your Debt wisely
Get your risks covered
Planning your Estate
Planning your Taxes
Conclusion

Managing one’s money need not be boring. It’s not rocket science and you need not be from a financial background. You only need to show a bit of commitment. Deciding to save is the first step towards money management. Saving money can be the powerful tool towards greater financial independence. Imagine yourself borrowing from a friend for that urgent visit to the doctor! In case you don’t have any friend, then you might have to swipe your credit card. And you know credit card is the most expensive form of debt. Repeat this a few more times and you end up in a debt trap even before you realize that.