Discussing the Importance of Financial

Planning

Starter: Financial Goals Reflection-

Reflect on the financial goal they shared in a previous lesson.
Share how you plan to achieve your financial goals.
Learning
Objectives
• Understand the concept of
financial planning.
• Recognise the importance
of financial planning for
personal and financial
success.
Financial Planning

• Financial planning is the

process of managing money
to achieve personal economic
satisfaction.
• Financial planning involves
setting goals, creating a
budget, and making informed
financial decisions.
Why is Financial Planning Important?
Goal Achievement:
Financial planning helps individuals
achieve their short-term and long-term
goals.
Examples such as buying a car, going to
college, or saving for a vacation.
Budgeting and Tracking
Expenses:
Financial planning involves creating a
budget to manage income and expenses.
What are the benefits of tracking
expenses to avoid overspending?
Task 1
• What is your understanding of financial planning?
• Why do you think that it is important?
• What financial planning have you done so far?
• What financial planning do you think you will need to do in the
future?

You must write all the answers in full sentences in your books.
Task 2
• Share real-life examples of individuals or families who
have benefitted from effective financial planning.
• Discuss the impact of poor financial planning choices.

You do not have to have to link this to your personal lives,

just give real life examples.
 Summary
Write down at least 3 new things that you have
learnt this lesson.