"Financial planning is important because many of us have a limited income and it allows us to decide between what we want to allocate, what we want to consume and what we want to save," says Murtaza Jafferjee, chief executive of stock brokers JB Securities.
Financial planning is the process of identifying, planning for, and meeting goals related to financial needs of individuals, families or businesses.
This includes saving money and planning for college, retirement, taxes and other emergencies.
While savers have different motives, the most fundamental motive is a precautionary one.
Even a person just starting out in a career should think of retirement, though that date could be 30-40 years away, says Jafferjee.
"Most people, when they think of retirement think 'I have my whole life ahead of me,' and if you are at the age of