Carey Corbett

Personal financial planning is the process of setting and achieving financial goals based on one's income, expenses, assets, liabilities, and future needs.

Cashflow analysis is the evaluation of how money flows in and out of a person's accounts over a period of time, such as a month or a year.

Both personal financial planning and cashflow analysis are important for managing one's finances effectively and efficiently, especially in uncertain economic times.

- Some steps to start personal financial planning and cashflow analysis are:

• Gather relevant financial information, such as income statements, bank statements, bills, receipts

• Calculate net worth by subtracting total liabilities from total assets.

• Calculate cashflow by subtracting total expenses from total income.

• Analyse the results and identify areas of improvement or concern.

• Set short-term and long-term financial goals based on the analysis.

• Create a budget and a spending plan that align with the goals.

• Monitor and review the progress regularly and make adjustments as needed.