Assess Your Current Situation

The first step in building your financial plan is honestly assessing your current situation. To do so, consider the following questions:

  • How much are you worth (that is, what is your net worth)?
  • What is your income?
  • Where does your money go each month?
  • Have you identified all your expenses?
  • How much do you have left at the end of the month?
  • Are you saving enough to meet your financial goals?
  • Do you need to set up a budget?
  • Do you have to create an ideal spending plan to manage your household cash flow?

Before you start developing your financial plan, use one of the following checklists to record what you’ve accomplished so far: 

  • Financial Plan Checklist: Simple
  • Financial Plan Checklist: Detailed  

Choose the simple checklist if you're just starting out or if you’re unfamiliar with the financial planning process.  

Use the checklists:

  • As a guideline when building and reviewing your financial plan
  • To track your progress when implementing your financial plan
  • To discover planning gaps that require attention
  • To protect and build your future prosperity

Update your checklist when reviewing your financial plan.