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1)Setting goals is one of the steps of the financial planningprocess. Provide some examples of financial goals that may beimportant for a family.Select one goal that is important to you and brieflydiscusses how this goal will influence your future financialplanning.2)Describe some common money management mistakes that can causelong-term financialconcerns.         Discuss how a budget might be changed if a household faced adecline in income. What spending areas might be reduced first?  Review your own personal spending over the past few months.Identify sources of “money leaks”. (A “money leak” can be definedas an “unbudgeted” expenditure - to include going beyond the budgetset for the item) .Did the extent and/or category of the money leak surprise you?What might you do to control future money leaks?