Tools for Success

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Creating a successful financial plan

by Coast Capital Savings


You invested in yourself by getting your education. Now that you’ve done that, it may be time to start planning for the next chapter in your life, and that includes creating a financial plan.

Here are a few tips to create a successful plan that will help you finance the next stage of your life.  

Where does it all go?

  • A plan for your future begins with a picture of the present. The first step towards a successful financial plan is to take a look at your current cash flow
  • Look at what’s coming in versus what’s going out

Set financial goals

  • Once you know what your cash flow looks like, you can develop a well-informed budget
  • With your budget in hand, ask yourself some questions about your future, set some goals and then outline the steps you’ll have to take to achieve them. What do you want to work towards in the next five to ten years and beyond? Are you working towards paying off your student loan, buying a home, starting a business, or buying a car?  This is an important step in shaping your plan
  • Create goals, they will help inform what you need to do financially and help you stay focused and motivated
  • Deadlines can be helpful too; they’ll keep you on track

Meet with a financial advisor

  • If you haven’t already, consider meeting with a financial advisor. An advisor can help you manage your present obligations, save for the future, and reach your financial goals
  • Find someone you can trust and that has the experience to help you reach your goals. Asking family for their referrals is a great place to start

Keep going back to your plan

  • As you move forward in life, your priorities can change – you may get married, or buy a house, or have children, or get a new job. Know your financial plan, and understand that you’ll need to update it as your priorities change
  • Treat your budget as a living document, visit and revise it at least once a year                                                                                

Creating (and sticking to) a financial plan takes work and self-restraint, but having goals in place will save you time and money in the long run. With a plan in place, you can set milestones and celebrate achievements that will keep your finances healthy now, and for years to come.

Youth Get It with Coast Capital Savings’ promise to build a richer future for youth in our communities. Coast Capital is a regular contributor to InTouch e-news. The Surrey-based credit union is a longtime partner and supporter of Kwantlen Polytechnic University’s work to provide young people with vital educational and career skills to become successful leaders and contributors to society.