Planning is important as it allows you to prioritize your work, get more done in less time, helps you to produce quality work and keeps as disciplined. It is quiteimportant to plan your work so as to improve on your productivity by ensuring you are staying on the right track with your goals

1. Helping people focus on the true values and motivations in their lives;
2. Determining the goals and objectives they have as they see their lives develop; and,
3. Using these values, motivations, goals, and objectives to guide the planning process and provide a framework for making choices and decisions in life that have financial and non-financial implications or consequences.”

Planning is essential for everything as it is when we plan that we are able to come up with different possibilities, some good and some bad for the project at hand. This is true when we are planning our finances as well. However, since life is dynamic, a plan created with all known information at one point, may not be true after some time. Life situations change and so can goals, expenses, income etc. Hence, the plan would need to be reviewed and recast - something that is part of the planning process itself.

Now, financial planning is not all about planning your monetary goals, there is another relatively lesser known concept called life planning. Life planning helps in planning for those goals that can bring meaning and happiness to our lives, instead of focusing on achieving just the monetary goals.