Guimaras State University

GRADUATE SCHOOL

EACHERS' CONCERNS AND

ISSUES ON LEARNERS'
SUBMISSION OF OUTPUTS
A Proposal
Presented to
The Faculty of Graduate School
Guimaras State University

MARY CLAIRE SERISOLA

September 2022
What is Financial Planning?
Planning is a systematic way of
deciding about and doing things
in a purposeful manner. When
this approach is applied
exclusively for financial matter, it
is termed as financial planning.
In other words, In connection with
any business enterprise, it refers to
the process of estimating a firm’s
financial requirements and
determining pattern of financing. It
includes deterring the objectives,
policies, procedures and
programmes to deal with financial
activities.
What is Financial Planning?

Managing your present

and future finances

Financial planning is the process of

setting,planning, achieving and reviewing
your life goals through the proper
management of your finances.
What is Financial Planning?

In general usage, a financial plan is a

comprehensive evaluation of an individual's
current pay and future financial state by
using current known variables to predict
future income, asset values and withdrawal
plans
-Wikipedia
 Why Financial Planning is important?

Financial planning is an important life skill to help

you plan for your future and
take better control of your financial goals by
helping you to set realistic plans,
evaluate alternatives and take effective measures.
Common Misconceptions about Financial Planning
Common Misconceptions about Financial Planning
Financial Planning Process
"Someone is sitting in the shade today because someone
planted a tree a long time ago" 
~ Warren Buffett,
   Legendary American Investor 
   Chairman and CEO, Berkshire Hathaway
 Financial Planning Process
The financial planning process is a logical, six-step procedure:

Step 1: Determine Current Financial Situation

Step 2: Develop Financial Goals

Step 3: Identify Alternative Courses of Action

Step 4: Evaluate Alternatives

Step 5: Create and Implement a Financial Action Plan

Step 6: Re-evaluate and Revise Plan

 Financial Planning Process

Step 1: Determine Current Financial Situation

• The first stage of the financial planning process constitutes assessment on what is
happening in your life right now and how you can change your financial situation.

The key areas to reflect are:

• Household budgeting –This is an important area as after calculating the monthly costs spent
at home, you’d be able to figure out how much you are left with to save or invest.
• Family commitments and Living Expenses – Are you single or married? Do you have
children? What are their living and lifestyle expenses?
• Tax Standing and Strategies – How do you manage taxes? Are you living or working abroad?
• Current investments or saving reserves – How much savings or debts you have right now?
• Other Financial obligations – These may involve some miscellaneous costs you might be
planning ahead for future 
 Financial Planning Process

Step 2: Develop Financial Goals

Experts say when you have identified your goals; you’re most likely to achieve
them. Highlighting the financial goals serves as an important aspect of financial
planning.

Subjected to what phase in life you have reached, these goals could be:
•    Get married and initiate a family
•    Purchase or pay off a property
•    Ensure your children get a good education
•    Make your reserves and investments tax proficient
•    Get retirement with enough income on hands to enjoy life ahead
 Financial Planning Process

Step 3: Identify Alternative Courses of Action

After a thorough understanding of your financial needs has been taken and all the
appropriate financial goals have been cemented down, next thing is the investment
alternatives or specific recommendations from your financial planner.

By taking a good look at your short, medium and long term goals, an integrated
investment strategy would be developed based on your set requirements.
Furthermore the objectives would be looked upon again and it will be analyzed
how far you are down the road to achieving your short and long term financial
goals. 
 Financial Planning Process

Step 4: Evaluate Alternatives

The proposed recommendations are then further assessed. This is your chance to discuss the
alternatives face-to-face and take necessary actions bearing in mind your current situation,
financial standings and personal interests. If you have any concerns regarding your financial
planner’s recommendations, those can be altered and revised. Alternatives can be closed down
based on the decisions you make. 

For instance:
The idea to carry on your education attests you cannot do a full time job. Decision making thus
stands as an ongoing process which works side by side with your personal and financial situation
so lost opportunities as a result of your decision making should always be kept in mind while
analyzing the alternatives.
 Financial Planning Process

Step 5: Create and Implement a Financial Action Plan

Once you are content with the recommendations

and feel good to proceed, the implementation of
the plan would be carried out. This step of
financial planning process can be considered as an
action plan where you will pick ways to achieve
your short, immediate or long term goals. Often
taken as the toughest step for some people, but
makes a huge difference in the long run!
 Financial Planning Process

Step 6: Re-evaluate and Revise Plan

Review, Re-evaluate and Monitor The Plan

Financial planning is an on-going and dynamic
process and it’s unlikely that your financial
condition will remain same throughout your life.
You need to assess your financial decisions
periodically as changed personal, economic and
social factors will require you to alter your
decisions to fit into your new situation.
The Budgeting
Process
 WHAT IS A BUDGET?
• The word ”budget” came from a  • budget is a plan quantified
french word bougette meaning little in monetary terms, prepared
bag. and approved prior to a defned
• In Britain, the word was used to period of time, usually showing
describe the leather bag planned income to be
in which the chancellor of the generated and expenditure to
exchanger used to carry to the be incurred during that period.
parliament;
 The Budgeting Process

here are six steps to budgeting:

Step 1: Assess your financial resources

Step 2: Determine your expenses

Step 3: Set goals

Step 4: Create a plan

Step 5: Pay yourself first

Step 6: Track your progress

 The Budgeting Process

Step 1: Assess your financial resources

The first step is to calculate how much money

you have coming in each month. This might be
investment income, government assistance,
student loans, employment income, disability
benefits, retirement pensions or money from
other sources.
 The Budgeting Process

Step 2: Determine your expenses

Next you need to determine how you

spend your money by reviewing your
financial records. If your records aren't
clear, consider keeping a financial diary to
track your spending.
 The Budgeting Process

Step 3: Set goals

Establish a list of the goals you wish to

achieve. These can be long-term goals like
purchasing property or funding your
retirement. Or they can be short-term goals
such as home improvements or car
maintenance.
 The Budgeting Process

Step 4: Create a plan

Once you've figured out how much money

is coming in and where it's going, you can
put together a plan that matches your
goals with your financial situation.
 The Budgeting Process

Step 5: Pay yourself first

When you pay yourself first you simply set

aside a certain amount of money each
month to go into an account that you will
not touch.
 The Budgeting Process

Step 6: Track your progress

At the end of each month, you should re-

evaluate your budget. Compare your actual
expenses and income to your budget and
make appropriate adjustments.
References
• https://jamapunji.pk/financial-planning/planni
ng-process
• http://www.financial-planning-manila.com/financial-planning-tools
.html
• https://www.vancity.com/AdviceAndPlanning/FinancialPlanning/
FollowABudget/
Thank you!