About 95% of the financial crisis that is faced by any person in this world can be attributed to poor money management. The importance lies in the fact that one very simple misjudgment we had made in our past would be the result of the financial crisis that we are facing at present. The reason can be anything starting from nonpayment of your loan, credit card debt or even your phone bill. You must have forgotten to pay your bill on the due date and then in the next month you may have not found enough money to make that payment. Whatever be the reason, now you are facing a very drastic situation where you are almost bankrupt. Remember that all these situations started from not paying a bill long ago.
This very fact shows how significant the personal money management can be to an individual. The reason why you forgot your payment can be because you did not have a fixed financial plan each month. This is called inefficient money management. This is the reason why most of the people in America face foreclosure.
So the significance of a money management plan is very evident. If you have a well laid money management plan then there is no question of forgetting your payments or making unwise financial expenses. It will also help you make sure that you do not make mistakes regarding your finance again. So I hope the significance of a personal finance plan is clear and you will not jump into mistakes again due to lack of proper planning.
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