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#136: October is National Financial Planning Month
Episode 1366th October 2021 • Money Boss Parent • Anna Sergunina
00:00:00 00:17:47

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Hey Money Bosses! The sooner we can start working on our finances, the easier it gets! For National Financial Planning Month, I want to chat with you today on creating your financial plan and what that looks like and the pieces and parts that are important to review when making a financial plan.

First of all, your financial plan is a roadmap and needs to have two things: a deadline and a dollar amount. It is helpful if you take out a piece of paper and break down what you want to accomplish in the next 3 years, 5 years, 10+ years. Don’t worry about funds during this time. Sit down and have a “money date” with your partner to chat about these things. It is important to look at all of these following parts when creating your financial plan.

Then, I want you to really get an understanding of your “financial pulse”. The parts of a financial pulse are:

  • Get a good review of your spending.
  • Where is your spending?
  • If you are working on tackling debt, do it now.
  • Need to update, review, and discuss with your significant other about your emergency reserves.
  • Need to evaluate if you are still on target.
  • Think about your investments.
  • What are your long term goals? Retirement? What are you saving? 401K? Education savings for kids?
  • Global review
  • What is the plan for next year? What are the short term goals (next 12 months)? What are the long term goals?

Consider this time to be your resetting point for next year and make progress on reaching your financial goals!

Tune in to hear all of the tips that I share with your on creating your financial plan!



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