The type of financial planning that focuses on issues such as paying your monthly rent, paying tuition and fees, and the cost of food, while still having some funds to use for entertainment, rest, and relaxation is personal financial planning
This is further explained below.
It is an all-encompassing strategy that looks a good number of years into the future. It is not limited to those who have a lot of financial resources.
A financial strategy defends you against life's shocks. It contains information on your income, savings, assets, expenses, debt, and insurance coverage, among other things.
In conclusion, Personal financial planning refers to the process of arranging one's finances so that one can meet essential monetary obligations, such as one's monthly rent payment, one's share of educational expenses and one's share of the cost of food, while also reserving a certain amount of money for one's own enjoyment, recreation, and downtime.
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