Personal Financial Planning Template Free
Personal Financial Planning Template Free – We all have goals in life—things like starting a business, buying a house, getting married—but money problems often lurk and prevent us from achieving those goals.
And so we made some financial plans to pay for necessities and cover any unexpected life events…and still have enough left over to meet our goals.
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If any of these sound familiar, then you probably don’t have a financial plan.
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At its most basic, financial planning helps you meet your current financial needs and provides a strategy for achieving future financial stability so you can move forward with your goals.
In this post, you will learn everything you need to know about financial plans. We’ll also share an eight-step process to help you create your personal financial plan, as well as some templates to help you save money and time.
It considers your existing financial situation and goals, then creates a detailed strategy based on your priority goals, telling you where to spend your money and when to save.
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In addition, financial plans help you prepare for the unexpected by setting aside a pot of money. When an unexpected job loss, illness or economic crisis occurs, you can rely on these funds to cover your daily expenses.
Essentially, you can use a financial plan to take control of your money so you can achieve your goals and reduce the worries you may have about your well-being.
In the past, people had to hire a professional to create a financial planner for them. But with the advancement of technology, you should be able to create one yourself.
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This is very easy with a financial plan template, which you can modify to reflect your goals, cash flow, etc. You will find some useful templates that you can use later in the article.
A personal financial plan is a documented analysis of your personal finances, including income, liabilities, assets and investments.
Its purpose is to help you assess the feasibility of your personal goals and understand the steps you need to take – financially – to achieve them.
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Your personal financial plan can span weeks, months, or years, depending on how long it takes you to achieve your goals. And you can adjust it at any time to reflect new or changing preferences.
Creating a financial plan can give you more confidence in your cash. Plus, it means fewer nights worrying about those pesky bills.
The problem is that most people don’t know where to start. They ask “How much does financial planning cost?” they are worried about things like And suppose they need endless professional support.
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Good news? It’s never too late (or too early) to start working on your financial plan. Even better – creating a financial plan isn’t as complicated as you might think. You can break it down into 8 easy steps like:
Before you begin the actual “planning” part of the process, you need to know where your journey begins. This means checking how your financial situation is now.
Honestly, everyone could benefit from investing in more frequent financial checks, but it’s easy not to look at your bank statements.
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Think about it – when have you actually looked at all your gas, electricity, broadband and Netflix bills and found out what they add up to?
Take your bank statements from the last 6 to 12 months and highlight every regular outgoing expense in one color, then highlight irregular expenses in another color.
It may be helpful to categorize these costs into personal and “important” expenses. Once you have all the right information in front of you, ask yourself:
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The next step is to figure out where you’re going. This is an important part of your Financial Planning for Dummies journey.
Setting concrete goals gives you direction and clarity when making decisions about your finances. Your goals will show you if you’re going in the right direction.
Don’t just say you have more money in savings. Write a statement that explains exactly what you want to do, such as:
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Short-term financial goals like “I’ll put $100 into my savings next month” keep you motivated by showing steady progress. Long-term goals give you a more consistent direction to go.
No one likes to think about debt – but these are issues you can’t ignore if you want to be financially savvy. Personal financial plans can help.
You won’t make much progress on your short- and long-term goals if interest and payments are weighing you down. So, first find out how to pay what you owe.
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Start by creating a plan to get rid of your most troublesome debt. These are the expenses that cost the most due to high interest and taxes. Get rid of them as soon as possible.
If you’re struggling to manage multiple loans at once, it may help to see if you can consolidate everything into one cheaper loan.
The bottom line is that you need to take action and start working towards becoming debt free. Remember, debt can range from immediate issues like credit cards to long-term expenses like student loans.
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No matter how “prepared” you are, there’s always the chance that an unexpected cost will pop up and sweep you away.
An emergency fund protects you against an unexpected illness, sudden job loss or a bill you forget to pay.
While the exact amount of emergency fund you have is up to you, it should generally cover about 3 to 6 months of your fixed expenses. You can also save enough to cover variable expenses such as entertainment and food.
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An emergency fund is beneficial for anyone. However, they are especially important if you are a freelancer, someone with a poor credit score, or someone with a variable income.
Estate planning is one of those complicated terms that most people ignore—assuming it only applies to rich people or those nearing retirement.
However, it is essential to think about the safety of your family when you are not around. Proper estate planning gives you complete peace of mind.
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Estate planning may not be the best thing to do with your Friday night fun, but it will ensure that you are protected against anything.
The next step is to build on all the assets you already have so that you are ready for the future. You can focus on your savings and start investing.
There may be different plans to suit your short-term and long-term goals. For example, your short-term financial plan might cover the steps you need to take to build wealth now. Your 5-year financial plan can look at things like retirement.
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Investing for retirement is one of the best ways to ensure you are prepared for the future. When you start planning for retirement, there are several variables to consider, such as:
If you are new to investing, seek additional support. There are wealth advisors who can introduce you to different types of accounts and investment vehicles.
Just as an emergency fund protects you from unexpected surprises in life, insurance protects your cash from any unforeseen risks.
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Having the right insurance means you don’t have to constantly dip into your savings every time something goes wrong. For example, home insurance means you are well protected against things like natural disasters and burglary.
Car insurance ensures that if something goes wrong with your car, you’re ready to fix the problem without paying a fortune.
Having an emergency fund and making sure you’re properly insured means you can stay on top of all your savings goals, even when the going gets tough.
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The more you know about your current financial situation and where you’re going, the more confident you’ll be in your spending.
However, getting a sample financial plan template and creating your own strategy is only the first step in the journey. You should also commit to actively tracking your progress.
Check back every three months and make sure you’re moving in the right direction. Your financial situation can change a lot in a matter of weeks.
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Don’t forget to update your plan when important events occur in your life as well. Having a baby, getting married or buying a new home will give you new ideas to deal with.
Proactively reviewing and updating your plan means you can enjoy a bulletproof strategy for reaching your financial goals.
There are several financial plan template options available to help you set up a financial plan. All you have to do is enter the details in their fields. You can also edit or remove fields based on available information.
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Even if you don’t want to use templates, these sample financial plans are a good starting point to learn what real-world plans look like and the specific finances you should include in your document.
Use it to assess your current financial situation, create a strategy to reach your goals, and use the plan to track progress.
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