Question

Discuss why planning ahead is an important part of managing your finances.

Answer 1

Planning ahead is important because it helps in managing the different aspects of our life.

Financial planning is highly important as it helps in providing direction to your dreams it keeps on guiding you through different prospects of your life.financial planning helps to plan in advance various important decisions of our life and keep an adequate fund to hedge against any adverse situation.

financial planning keep you updated about different rates of inflation surrounding over the globe and helps you to adjust your income accordingly. It can be said that financial planning makes you disciplined towards money.

financial planning makes you sceptical about different situations in your life and helps you to maintain some emergency funding so that you can deal with them so it helps to plan in advance to mitigate the different risk from uncertainty in life.