Lesson 2: Financial Planning

Name: Raiza Mae S. Arizona.

Section: BSBA- HRM

Schedule: 9:00 – 10:30 WF

My Reflection to This Topic

Financial planning is about what you want or what your goal is for your
future through it you will be able to plan your own goal to achieve and get what you
need. This lesson begins with the financial planning process, where I identify my
current financial situation regarding savings, living expenses, and debts by making an
income statement for personal purposes or tasks. it also clarifies that I need financial
planning not only for me but also for my loved ones. Financial planning can change
depending on my needs and desires so I need to think about it carefully and accept the
changes regarding my finances because sometimes it doesn’t become enough to archive
my goal. Therefore, it is important to consider all possible circumstances so that they ca
help makes better and acceptable decisions. Moreover, when life events affect financial
needs, the financial planning process provides averages for adapting to those changes.
Also, specific financial goals are important in financial planning. The rest of the
financial planning can suggest financial goals for me; however, I must know how to
decide which goals to pursue in the planning process.

In this lesson, I learned a lot of things about how I manage my own money
with the help of financial planning. I also learned what the contribution of financial
decisions is regarding financial planning to make a financial decision, you need to think
about how important something you want to get you must financial what do you want
and why do you want it. I learned there are three parts of financial decisions the first
value is part of the financial decision here you will know who or why you truly value it
such as your family and possessions you will also find out here who really and why
you value it or if you just really want it. The second need is about goods or services that
people need to survive but for me, I think when I hear a need only one comes to my
mind it is our need in life because we all have needs like food, clothing, water, shelter,
and so on. The third is wanted it is a desire for goods and services it is not necessary for
our lives interesting and enjoyable, unlike needs. These three parts help us to make a
financial decision that we will not regret in the end but it depends if your ambitions or
preferences change but for me, it will help me to be clearer and I can better understand
this lesson. Not all of our plans come true because others have no discipline so even if
you know how to decide if you don't discipline yourself nothing will happen to the
plan you make. I had a hard time in this part because I didn't think before about what
my goal was or what I wanted to achieve as long as it was important to me that I made
money by becoming an online seller, it's okay for me even if I don't have financial
planning but now I've changed my mind that I want when I earned I know what I'm
saving for so that I can be more motivated when I save and I can buy what I want.

I learned here how financial decision-making helps and what its benefits
are. Its first benefits are that it helps to be my financial guide in the future, it also helps I
go with the life I want. I also learned It is also necessary for me to reap the cost benefits
of being protected against the financial consequences of high cost due to increased life
expectations and the resultant increased chance that you may need some level of care.
In other words, creativity in decision-making is essential to effective choices. I know we
all make decisions every day just like choosing what clothes we wear one your kind of
decision and its benefits make you happy because you choose what you think is right
for you but we still need to make sure that the decision we choose will help us and have
a good outcome. I also learned a financial plan is comprehensive of my current finance,
my financial goal, and the strategy I set to achieve my goal is truly helpful for my future
and my family’s future. I learned financial planning can help me to budget my income
and monitor my financial income regularly because if I don’t monitor my income
regularly I can neglect it and I think this is the hardest thing to do for me because
sometimes I forget what to do but I promise to myself I will do my best for my future.

Another benefit when you do financial planning is to increase your savings,

enjoy a better standard of living, be prepared for an emergency, and attain peace of
mind. I also learned how to make successful financial planning I just need to remember
you need to understand the current financial situation because it’s part of our lives like
my current income, expenses, and debt, write down the goal I want by asking myself
what are the different financial goals I want to achieve in life? I just need to write down
the specific goal I want and I don’t have to worry about what I will put in because there
is no dream that is small or big for me. However, I need to make sure that the goal I
want will be fulfilled. The activity helped me a lot the activity that I am asked to do
helps me to write down what I want and that activity is called smart planning in this
activity it helped a lot for me. I also learned that this is very important especially to such
if students.

Raiza Mae S. Arizo.

Signature over printed name

October 30, 2021

Date Prepared