First Steps to Crafting a Financal Plan

First Steps to Crafting a Financal Plan

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  1. Financial Planning is about wanting change. The plans you make are only as good as the attention they get. Here are a few steps and action items to get your financial affairs in order and get you working towards your goals.

    1. Assess the now. Take a financial snapshot of where you are today: total assets (list out liquid assets as well), fixed and variable expenses, current budgeting or financial allotments and what your goals look like today.
    2. Move all that into a pile and make some room in front of you. Start thinking about all the things you want both tangible and intangible and drop them into time buckets. Short-term goals are a year and under, Mid-Term goals are a year to three years, and long term goals are three years plus.
    3. Measure out how your current savings plan will get you to all of your goals. Odds are you’ll be falling short in some places.
    4. For larger goals set up separate accounts and automatically save to them weekly or monthly. Great set it and forget it tactic.
    5. Work on some new budgeting trying to eliminate inefficiency where ever you can. The goal is to try to reduce impulse spending wherever possible.
    6. Revisit goals quarterly.

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