See below image for the Financial planning process strategy diagram. Here are some basic steps for financial planning that can help you approach the process: 1. Set your goals: You can’t plan your financial strategies until you know what you need or want your money to do for you. Ask yourself open-ended questions: Do you want to buy a home? Do you want to have a family? Do you want to travel?
The strategic financial planning process is different in the sense that it combines the functions of strategy formulation as well as financial planning. For many years, these two processes have been considered to be separate in most organizations around the world. Strategic financial planning merges these processes and created a hybrid approach.
The financial planning process is important to understand as it can help you create efficient action items to better your money. This series of steps will be your go-to strategy that outlines how to budget, where to invest, and what other assets can help you achieve your financial goals.