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Aug 4, 2023 · Learn how to set financial goals, track your cash flow, budget, create an emergency fund, reduce and manage debt, and diversify your investment portfolio. This guide from Business Insider offers tips and advice from financial experts on how to plan for your future.
- Tessa Campbell
- Check your spending—aim to spend less than you earn. Inflation is cooling from the recent high set in 2022 but Americans may find that their budgets are still slightly out of whack.
- Build or maintain your emergency fund. Fidelity suggests saving at least 3 to 6 months’ worth of essential expenses, like food, housing, and medical care, in an emergency fund.
- Pay down high-interest debt. Credit card debt has gotten more expensive as interest rates have gone up. In May, the average interest rate on an existing credit card account was about 20% and, for new offers, the average was over 22%.
- Review your retirement savings. If you’re saving for retirement, congratulations! That is a powerful step to take for your future. Now that the middle of the year is close, take a look at your contributions to your workplace retirement savings plan, if you have one, to make sure you’re on track to save as much as you want to this year.
- 7 min
- Set financial goals. A good financial plan is guided by your financial goals. If you approach your financial planning from the standpoint of what your money can do for you — whether that's buying a house or helping you retire early — you'll make saving feel more intentional.
- Track your money. Get a sense of your monthly cash flow — what’s coming in and what’s going out. An accurate picture is key to creating a financial plan and can reveal ways to direct more to savings or debt pay-down.
- Budget for emergencies. The bedrock of any financial plan is putting cash away for emergency expenses. You can start small — $500 is enough to cover small emergencies and repairs so that an unexpected bill doesn’t run up credit card debt.
- Tackle high-interest debt. A crucial step in any financial plan: Pay down high-interest debt, such as credit card balances, payday loans, title loans and rent-to-own payments.
- Identify Your Financial Values. There’s more to having a financial plan than setting financial goals, such as paying off debt, building an emergency fund or saving for retirement.
- Create a Net Worth Statement. A net worth statement, also known as a balance sheet or a personal finance statement, is a summary that shows you the value of what you own (assets) minus what you owe (liabilities).
- Analyze Your Current Spending. With your net worth statement in hand, the next step is to analyze your current spending habits, checking for areas that are out of balance.
- Choose Your Financial Goals. At first glance, many financial goals sound boring. Who wakes up excited to save for retirement or build an emergency fund?
- Set financial goals. It’s good to have a clear idea of why you’re saving your hard-earned money. Think it through with a five-step guide to setting yearly financial goals (worksheet included).
- Make a budget. Instead of thinking of a budget as way to restrict your spending, use it as a tool to organize your monthly cash flow to help you pay yourself first (savings/investing)—and still have room for the fun stuff.
- Plan for taxes. It can go a long way toward helping you keep more of your money. Explore ways to save on your taxes next year, using our tax planning worksheet to think through potential income tax credits and deductions.
- Build an emergency fund. All the planning in the world won’t help if life throws you a curveball and you’re not prepared financially. That’s where emergency savings comes in handy.
Mar 29, 2024 · Learn 12 steps to create a solid financial plan that covers your goals, budget, debt, savings, investments, and insurance. Find tips and examples to help you achieve financial independence and success.
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Learn how a CFP® professional can help you reach your financial goals with a comprehensive plan. See the steps involved in the financial planning process, from understanding your situation to monitoring your progress.
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related to: financial planning stepsFurther Your Financial Goals - Get Matched w/ 3 Financial Planners in Minutes. Our Free & Interactive Quiz Empowers You To Make Smarter Financial Decisions.
Our experienced financial advisors can help you plan for your future with confidence. Our experienced advisors provide financial advice based on your goals. Contact us today!
