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Step 2: Analyzing Information

The second step to financial planning is to find out how much money you have. Where exactly does your money go? Where do you get your money from? Do you have an allowance or a job? How much money do you earn in a week?

Next, how much money do you spend each week? What are you spending your money on? Do you owe money to others for stuff you've bought? Whether you have a car loan or borrowed money from your parents to pay for your new phone, you owe money and need to be aware of debt.

  Step 1:  Goals  
  Step 3: Plan  
  Step 4: Implement  
  Step 5: Monitor/Modify  
      Questions like these are critical because their answers have a direct impact on your ability to achieve your financial goals.  
Where Does Your Money Go?
      Download My Personal Spending Log.  

Using the personal spending log, track you’re spending habits for seven days.  In each column log your income and purchases on a daily basis.  After you have tracked your spending habits for seven days, find your total income, the total amount spent and determine the difference.  How much money do you have left at the end of one week?  Do your personal spending habits match your financial goals?

    Step 3: Plan  
  Financial Planning