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A Financial Plan

A Financial Plan. Determine your current situation. Analyze how you use money now Come to terms with how you spent or overspent money Think about how to monitor your spending. Set and prioritize your goals. - Decide on short term goals - Decide on long-term goals

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A Financial Plan

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  1. A Financial Plan

  2. Determine your current situation • Analyze how you use money now • Come to terms with how you spent or overspent money • Think about how to monitor your spending

  3. Set and prioritize your goals • - Decide on short term goals • - Decide on long-term goals • - Goals should be realistic and attainable • - Decide which goals are the most important to you

  4. Develop a long-term plan • Think about how you can work toward your goals. • Make sure your plan is something you can do without a lot of trouble. • If it involves working a lot more or spending a lot less, it may not be something you can do

  5. Organize your records • Organize your bills • Organize your bank records • You may choose to use a program like Excel or Numbers • You may also choose to do it in a spiral bound notebook • Try to keep your records simple • The more difficult it is, the less likely you will be to follow it

  6. Set up a budget • Reflect the 3 R’s: Reality, Responsibility, and restraint • Reality • Keep it realistic • Is it doable? • Responsibility • Hold yourself accountable • You are the one who will succeed or fail

  7. Set up a budget • Restraint • Deny the urge to partake in wasteful spending • Assessing needs versus wants • Reevaluate the budget regularly • What is working? • What is not working? • Change the plan, if necessary

  8. Keep it simple • Complex plans are less likely to be followed • Most people you achieve their financial goals keep their plan relatively simple • It is much easier to track progress and follow through

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