Making a plan starts with identifying your priorities. Maybe you’re saving for a big purchase. Or perhaps you want to break out of current habits and work toward building a bigger nest egg. Either way, the future you envision begins with learning how to create a financial plan to help make those priorities a reality. Get started here.
Create your financial plan
A financial plan helps you take control of your money and use it to move closer to your goals. Here are three easy steps to create your own financial plan.
Step 1. Set short-term, mid-term, and long-term goals
Step 2. Build in motivating milestones — small rewards that keep you on the path
Step 3. Set a monthly savings goal
Discover more about how to create a financial plan that will help you reach your goals. Click here
Financial plan vs. budget—what’s the difference?
Financial plans and budgets go hand-in-hand, but they’re not the same. A financial plan looks farther down the road, helping you reach your overall financial goals. It includes information about income, savings, and expenses, but also taxes, insurance, retirement, education needs, and more.
A budget helps you with day-to-day money management as you map key expenses, income, and savings for the coming weeks and months. Explore more about budgets and financial plans.
Match your budget to your financial goals
Once your goals are clear and you’ve created your financial plan, adapt your budget to help you get to where you want to be. A good budget can shift as your financial picture changes. It’s also a good idea to review your budget with a financial planner or a trusted friend or relative who is good with spending, saving, and investing. Learn more about the five steps to creating a good budget.