Revenue leakage in personal finance

Revenue Leakage

Financial Planning depends totally on financial decision making, done carefully in a stipulated timeline. Individual should remember that expenditures are outflows of cash/reserves; once the cash flows out, it is gone forever. A cash outflow can sometimes lead to repentence. This type of cash outflow is referred to as "Leakage". Refining further,
Revenue leakage in financial planning is generally referred to as an expenditure made in haste. This is a phenomenon that eventually happens when -

1. a comprehensive financial plan is not built
2. a comprehensive financial plan has defects
3. a comprehensive financial plan is not reviewed in the light of change in key assumptions
4. the client has preferred for a limited financial planning services