When creating the basis for your plan you will be asking and covering lots of questions including: What type of investor am I, How much do we have in savings now, How much would I/we like to have and more importantly how am I going to get there.
Below are a few suggestions as to how you can start creating your own financial plan right now!
Firstly - I would set out where I wanted to be by creating an overall goal. I would then break this down into smaller aims and targets which I would measure and monitor at regular set dates in the near future.
Secondly - I would work out what type of saver or investor I was and then factor this into my plan. For example if I am a risk taker I might want to dabble in the stock market. Finding out what type of person you are will help you create an individual financial plan that is suitable to you, your needs and your wants.
Thirdly - I would research all of the options open to me, in terms of how I could increase both my income and savings in order to achieve my financial goal/s. I would research savings, bonds, ISAs, pensions, property, business, investing and much more. Once you have conducted this research which may take days or weeks you will be able to move onto the next part of your plan which will be deciding what you are going to do to reach your goals and when.
Remember when deciding how to make and save your money to factor in work, family, holidays, home improvements and anything else you may need money for in the foreseeable future, as you need to ensure you have adequate access to your funds should you need them in say an emergency.
I hope you have found this article both helpful and useful and I wish you every success in creating a financial plan and achieving your financial goals.
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