HOW TO BENEFIT FROM INTEGRATED FINANCIAL MANAGEMENT
To achieve the best results, take the following advice and steps :-
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Set realistic & measurable financial goals.
Set specific targets of what and when you want to achieve the results. For example, instead of saying you want to be “comfortable” when you retire or that you want your children to attend “good” schools, you need to quantify what “comfortable” and “good” mean to you so that you will know when you have achieved your goals.
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Understand the effect of each financial decision.
Each of your financial decisions will affect many if not all financial aspects of your life. For example, an investment decision may have tax consequences that are detrimental to your estate plans. A decision about your children’s education may affect your retirement plan. All of your financial decisions are interrelated.
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Re-evaluate your financial situation periodically.
Financial management involves dynamic processes. Your financial goals may change over the years due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. As such, revisit and revise your financial plan as time goes by so that you can stay on track with your long-term goals as part of the entire financial management program.
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Start planning as soon as you can.
Do not delay your financial management. People who save or invest small amounts of money early tend to do better than those who do it later. Similarly, by developing good financial practices/habits such as saving, budgeting, investing and regularly reviewing your finances early in life, you will be better prepared to meet changes in life and handle emergencies.
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Be realistic in your expectations.
Financial management is a common sense approach to managing your finances to reach your personal goals. It cannot change your financial situation overnight; it is a lifelong process and the results of which depend largely on your choice of actions. Remember that events beyond your control such as inflation, changes in the stock market or interest rates, tax laws or unexpected worldwide infectious diseases will ultimately affect your financial management results.
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