Question & Answer: How can using personal financial planning tools help you improve your financial situation? Describe changes you can make in at least…..

How can using personal financial planning tools help you improve your financial situation? Describe changes you can make in at least three areas. A financial planning is a dynamic process and by implementing this we can change our needs and financial goals. Financial goals are the goals (or) results that an individual wants to attain. For example buying of a home, constructing a building and achieving a financial independence. Personal financial planning will consider the individual financial goals.

Expert Answer

Solution:-

Personal financial planning tools can help to keep a track of your spending and savings by showing how you have balanced your funds for current and future endeavors.

The three areas where I can make changes are:-

a)Keeping track of how much money I make.

b)Keeping receipts

c)Put away a rainy day fund incase something unexpected happens.

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