Image by Steve Buissinne from Pixabay
TNews – Financial management serves as the fundamental cornerstone in achieving financial well-being for individuals, households, businesses, or governments. This process involves planning, budgeting, implementation, and control of financial resources to achieve various goals, such as financial independence, short-term and long-term goal attainment, as well as financial risk management.
The Financial Management Process
The financial management process follows four main stages, each playing a specific role in attaining financial stability.
1. Financial Planning: Designing a Better Future
Financial planning is a crucial initial step in financial management. In this stage, individuals or entities set clear financial goals, analyze their current financial condition, and develop strategies to achieve these objectives. Establishing specific financial goals allows for better focus and motivation in managing finances.
Read More : Financial Risk Management, Safeguarding Financial Stability Amid Market Dynamics
