A step-by-step guide to build a personal / business financial plan

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When it comes to your money and your plans, it can be hard to balance short-term wants, long-term dreams, and those unexpected events that out of your control.

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From staff you want to hire, to the retirement you want, and the car repair bill that’s looming, it can be hard to figure out how to tackle bills at the same time you plan for the future.

This series of how-to articles can help. It takes you step-by-step through what you need to know to create a personal financial plan and help get your money in order. In nine steps, you have a nice framework to build on throughout your life.

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It’s OK if you’ve already started a few of these steps. It’s also OK if you haven’t. Just start with one task and keep going. (Or just tackle the whole thing on a long, rainy weekend with a big pot of coffee and a dog at your feet.)

Let’s get started.

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Set financial goals.

It’s always good to have a clear idea of why you’re saving your hard-earned money. Think it through using our financial goals worksheet (PDF).

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Create a budget.

Consider this your monthly cash flow and savings/investing plan. Give yourself permission to decide where and how to send your money with our budgeting worksheet (PDF).

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Plan for taxes.

It can go a long way toward helping you keep more of your money next year. Our tax planning worksheet (PDF) will help you think through potential income tax credits and deductions.

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Build an emergency fund.

All the planning in the world won’t help if life throws you a curveball and you’re not prepared financially. That’s where an emergency fund comes in handy. Our quiz will help you decide when to use these savings.

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Manage debt.

Understanding and managing debt is a key part of creating a financial plan. Use our debt management worksheet (PDF) to log your numbers and find the right balance.