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?
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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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