ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A financial plan paints a comprehensive picture of your current finances, your financial goals and any strategies you’ve set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.

Detailed explanation-2: -Having a written financial plan gives you a measurable goal to work toward. Because you can track your progress, you can reduce doubt or uncertainty about your decisions and make adjustments to help overcome obstacles that could derail you.

Detailed explanation-3: -A financial goal is a target to aim for when managing your money. It can involve saving, spending, earning, or even investing.

Detailed explanation-4: -Solid financial goals for students include creating a budget, opening a savings account, beginning to invest for retirement, establishing an emergency fund, applying for financial aid, beginning to build credit, and using debt as little as possible.