Devising a comprehensive financial plan will help you reach both short- and long-term goals. While it’s certainly possible to pay down debt or save for a house without having a specific plan in place, it will take considerably longer. Additionally, your money won’t be working for you along the way. If drafting a step-by-step plan seems overwhelming, here’s what you should know about getting started. 

What a Financial Plan Should Address

Your plan should contain both minor milestones and major goals. Minor milestones might include saving a sizable emergency fund, paying off smaller debts, and sticking to a budget from month to month. Major goals, on the other hand, might include buying a vacation home, retiring early, or paying for each child’s college education. 

Think of your financial plan as a road map. Each objective is a unique destination that feels tangible and attainable because you’ve marked it on the map. By devising a route that hits every stop, you will eventually achieve financial freedom. 

How to Create a Reasonable Financial Plan 

The basis of every plan is a monthly budget. To devise a budget, you must determine the household’s monthly income and expenses. After subtracting all the necessities from your total earnings, you’ll know how much is left over for paying down debt, saving, and investing. At this point, refer to your list of goals to determine how best to allocate this disposable income. In general, a financial advisor will encourage clients to tackle high-interest debt first, but every situation is different. No matter what destinations await you on your financial journey, it’s truly as simple as giving yourself a trusty map. 

If you need help planning for the future, turn to Seeman Holtz. Based in Boca Raton, FL, this firm is proud to serve clients nationwide. Their professionals can assist with everything from starting a small business to retiring in comfort. And since they're committed to helping clients prepare for all eventualities, they also assist with risk assessment and liability protection with experts in various industries. That means they can help you secure affordable insurance policies and wealth management strategies to protect everything you’ve worked so hard to achieve. To start creating a customized financial plan with someone on their team, complete the form on their website or call (800) 991-3592.