Financial Planning Framework Checklist
📊 Financial Planning Framework Checklist
1️⃣ Set Financial Goals
Define short-term, mid-term, and long-term goals
Make goals SMART (Specific, Measurable, Achievable, Relevant, Time-bound)
Assign financial targets to each goal
2️⃣ Analyze Current Financial Status
Track income and expenses
Calculate net worth (Assets - Liabilities)
Evaluate spending habits
3️⃣ Create a Budget Plan
Set monthly income projections
Allocate expenses (fixed vs variable)
Include emergency fund contributions
4️⃣ Debt & Savings Strategy
List all debts with interest rates
Prioritize high-interest debt repayment
Create automatic savings plan
5️⃣ Investment Planning
Assess risk tolerance
Choose appropriate investment vehicles
Diversify portfolio
Review investment performance quarterly
6️⃣ Insurance & Protection
Evaluate current insurance coverage (health, life, home)
Update or add necessary policies
Include disability and liability protection
7️⃣ Retirement Planning
Set retirement age and lifestyle goals
Calculate retirement savings needed
Contribute to retirement accounts regularly
8️⃣ Estate Planning
Draft a will and power of attorney
Assign beneficiaries to accounts
Review estate plan every 3–5 years
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