Financial Planning on a Personal Level

Developing a personal financial plan for the year ahead will help you stay focused and organized. We have outlined some important steps to consider when making your plan.

Determine your financial goals for the next year

Determine how much money you require to meet your goals and an action plan to meet those goals. Be organized and realistic when making your future financial plans. It is also a good time to organize your financial records to not only help in your planning but also to prepare your 2014 tax package.

List your assets and debt you currently hold

Once this is complete compare this to last year to see if you have been able to increase your assets while decreasing your debts. Understanding how much debt you have compared to assets will allow you to determine how much debt you can assume in the upcoming year to meet your financial goals. It is also a good time to monitor how much credit you used in the past year by checking in on your credit card statements.  Take this opportunity to monitor your overall credit usage and compare it to what is financially feasible for you for the upcoming year.

Review your investments and performance for the year

Make sure your current investment portfolio meets your goals. If they did not meet your expectations, this is an opportunity to evaluate your investment options.

Protect your financial security

Ensure you have financial security through insurance in the case of an accident, whether life insurance and disability, a backup plan in case of an emergency or sudden event allows you to maintain your financial security.

Consider the need to update your will

Review your situation as changes in your life may require an adjustment to your will and estate plan. If you would like a checklist to assist you please contact us.