There are five basic steps to personal financial planning and their related tasks. Arrange these steps and examples of related tasks in the order of their presence during the financial planning process.
A. Develop a plan of action. Develop a budget matching income and projected expenses for the remainder of this academic year.
B. Evaluate your financial health. Record all expenses for a month to compare income and expenses.
C. Review progress on the plan, reevaluate the plan, and revise the plan or start over with a new one. Based on this year, develop a revised budget for next year based on projected income and expenses.
D. Define your financial goals. Pay off credit card(s) by the end of this school term.
E. Implement the plan. Reduce expenses in problem areas so amounts do not exceed budgeted projections.
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