One of the best financial planning tips you will receive is to review your spending from the previous year when budgeting for the upcoming year. By reviewing what you spent in the last year, you can gain a better idea of what to plan for in the future.

With this knowledge, you can prepare a realistic budget to keep your spending in check. However, be sure to exclude one-time expenses, like home repairs and medical bills as it is unlikely they will repeat for the same amount. You should also leave room in your budget for a rainy day fund set aside for unforeseen expenditures.