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  The Personal Finance Planning Process Assessment Goals Plan development Execution Monitoring and reassessment Good financial management comes down to having a solid plan and sticking to it. All of the above areas of personal finance can be wrapped into a budget or a formal financial plan. These plans are commonly prepared by personal bankers and investment advisors who work with their clients to understand their needs and goals and develop an appropriate course of action. Generally speaking, the main components of the financial planning process are: 💬Income Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point for our financial planning process. Common sources of income are: Salaries Bonuses Hourly wages Pensions Dividends These sources of income all generate cash that an individual can use to either spend, save, or invest. In this sense, income can be thought of as the first step in ou...