SaveMillions Logo

Company InfoContact UsHelp  
Search  

Develop Your Personalized Financial Plan!

Steps to Build Plan
  Step 1 - Set goals
  Step 2 - Gather data
  Step 3 - Determine net worth
  Step 4 - Create/update your budget
  Step 5 - Define the cost of goals
  Step 6 - Assess your financial situation
  Step 7 - Develop the plan
  Step 8 - Take action
  Step 9 - Get help
Tools
  Net Worth Calculator (CNN Money)
  Net Worth Calculator (Excel)
  Average Net Worth Calculator
  Cost of Spending Calculator (RBC Centura)
  Savings Calculator (Newlywedfinances)
Forms
  Goal Worksheet (Html)
  Goal Worksheet (Excel)
  Net Worth Worksheet
Identify your financial goals

The first step in this process of developing a financial plan is to identify and prioritize your personal financial goals. This is a very critical step and takes some soul searching. Items that you may want to consider include your retirement, college education for your children, a new home, a new car, an expensive vacation, a new business, etc. Also, don't forget about emergency savings plans.

Obviously, your goals will also depend greatly on your age and your circumstances. If you are young and just starting out, then your goals will be much different than those of your parents or grandparents, but they also will have goals.

Proper planning requires that you address all of your goals even if they won't occur for 40 years. You will consider your long-term goals (up to 20 years or longer) as well as your short-term (up to 5 years) and mid-term goals (up to 10 years). This means that you will also have to identify the time frame associated with each of your goals. In identifying your goals, be as specific as possible. For example, don't write down "college savings for the kids", but rather include a specific entry for each of the children.

You can grab a piece of paper and write down your goals, as well as a timeframe and an amount to save, or you can print our goal worksheet. It provides blanks for the names of the goals (be specific), a target date (month and year should be sufficient), and a target amount. For those of you with Microsoft Excel, you can use our planning workbook.

The most important thing is to identify your goals now before you begin the other steps in this planning process. Once you start identifying the real cost of your goals, we don't want you to eliminate goals, but rather reprioritize them or change the target dates and amounts.

Once you have completed your goal worksheet, you can proceed to the next step.

Step Two - Gather Information

Most Recent Articles
  Goals: What you really want from your money
  Financial goals and how to reach them
  A goal-based plan for getting ahead financially in 2008
  The envelope please - 12 worthy targets to post among your 2007 (financial) goals
  Are you on track? 5 big goals - how to get there
  How to accomplish your 2006 financial goals
  The business of life: setting financial goals
  10 strategies for the new year to achieve your financial goals
  4 steps to setting goals & 6 keys to achieving them
  How to double your savings by writing down your long-term financial goals