Financial planning refers to the process of creating a comprehensive strategy to achieve financial goals over a specific period of time. It involves analyzing an individual’s or organization’s current financial situation, identifying financial goals, and creating a plan to achieve those goals.

Financial planning typically includes assessing income, expenses, and assets, as well as developing strategies for saving, investing, and managing debt. A comprehensive financial plan may also include strategies for retirement planning, tax planning, and risk management, such as insurance.

Effective financial planning can help individuals or organizations make informed financial decisions, reduce financial stress, and achieve long-term financial stability.