From time to time some prudent people will review their personal finance to see whether it still fits in with their lifestyle. If certain problems have been identified the person can resolve them before they escalate into a full financial crisis that shows no signs of winding down. They can also deal with the repercussions of the decisions that they have taken in the past without necessarily experiencing the full wrath of the business community in terms of collecting on any debts that may have been accumulated by the person.
These kinds of reviews do not have to take a formal format but they have to cover the fundamental aspects of the portfolio that makes up personal finance. The use of financial experts is desirable but not essential to managing personal finance using this review method.
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