The steps in personal financial planning are as follows:

1. Determine your current financial status. Make a list of all your income, expenses, savings as well as your debts.
2. Evaluate your wants and needs and identify your financial goals.
3. Identify alternative actions; this will allow you to be more flexible in handling your finances.
4. Assess your alternative actions.
5. Create and implement your personal action plan.
6. Monitor your progress and modify your action plan, if necessary.