It is a management of income through which you meet your financial goals. It is a process of determining your financial situation, developing financial goals and then creating a financial plan to achieve these goals.
Need of Financial Planning:
It is for everyone, who has money and wants to utilize it for their life goals/dreams. We all have many short-term or long-term financial goals in our lifetime. These goals are such as owning a house, buying a car, child admission in prestigious college and planning for healthy retirement. To achieve these goals it plays an important role in our life.