personal financial planning You have recently graduated and had been working for 6 months with a current salary of RM3,500 per month. You have recently bought a car and had taken a bank loan to fin

Task (30 marks)

You have recently graduated and had been working for 6 months with a current salary of RM3,500 per month. You have recently bought a car and had taken a bank loan to finance the purchase. Based on this scenario, answer the following task:

A financial plan will help you by creating a timeline for you to follow for your goals. It helps you focus the way you manage your money and your time on reaching your financial goals, so that you can do the things you want to in your life. An important part of your financial plan is your budget. Your budget allows you to plan how and when you want to spend your money. It makes it easier to find ways to save money and to find extra money to get out of debt. While your financial plan is the path you follow, your budget is the tool that you use to get there. It is what will help you do the actual work that you need.

Prepare a budget to make your overall financial plan work.