Financial planning means taking a comprehensive look at the financial situation and making up a specific financial plan to reach the goals. Thus, the area of financial planning is quite vast. It often delves into several areas of finance, such as investing, managing taxes, savings, retirement, etc. Financial planning starts with the practice of putting together a plan, specifically regarding how you will manage finances and prepare yourself for all potential costs and issues which may arise. This process includes evaluating the current financial situation, setting out goals and then developing and executing relevant recommendations.