- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Planning Strategies and Tools
I am currently exploring different approaches to financial planning and I find that there is always room for improvement. I have been using my trusty Excel sheet for a while now, but I’m curious to hear about what other tools and strategies people have found success with.
## Personal Financial Planning
It seems like there is always more to consider when it comes to financial planning. I believe that seeking help from professionals can make a difference, but I am also interested in hearing about others’ experiences with pro planners and whether it was worth the investment.
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We sit down every year and write out a plan that’s a mix of goals and specific to-do items across 4 areas: saving, investing, protecting (think insurance, estate planning, risk management), and living (the fun stuff we’d like to do). It gives us a road map for the year.
We use Monarch Money (for budgeting), Empower (for investments), and a yearly net worth excel sheet to make sure we’re on track with the plan.
I personally enjoy researching ways to grow my money and frugality tips. Reddit and youtube are amazing sources to learn. I then use excel to visualize.
Make it a hobby. Its rewarding.
I keep a written financial plan as a sheet in my overall personal workbook. It’s evolved over the years, but includes short-, medium-, and long-term goals. Short-term goals are this year and next year, and like someone else said include specific to-do lists (for example, right now one of the things on the list is to cash out a CD next month before it rolls over with a really low rate) but also includes things like maxing out my IRA for the year. Medium-term goals are 5-10 years out and get moved to the short-term list when the time comes. A good example of this is that one of my goals is to increase the amount that I contribute monthly to my kid’s UTMA by 2026. So that goal will move to the short-term list next year. These goals are based on both calculating backwards, i.e. I need $X for college in 2031, so I should be contributing $Y each week now, and how much I should be making in future years (I work for the government so I’m on a fairly predictable pay scale). As things are checked off the list, I move them to a “Goals Accomplished” section where I can look back and see how far I’ve come.
It also includes a plan for what to do with any “unbudgeted” or “extra” money (OT, tax refunds, gifts, etc.) . That part has been the most helpful because it used to be that any extra money just kind of got wasted. Sort of related to this is a list of “shit I want to buy myself.” Though, I must admit that a lot of times I look back on this list and ask myself what I was thinking.
Finally, it includes a personal investment narrative. This is where I spell out my desired asset allocation, and why I chose that at a particular time, as well as when/why rebalancing should take place.
There is also a section about my e-fund and how it should be structured. I need to reevaluate how that section is written, because my plan has changed. Which brings up a good point. This is a living document. Things change, life changes, and priorities change. I’m not locked into plan A because that’s what was the best idea 3 years ago.
We heavily utilize YNAB for giving every dollar a job and visualizing priorities for financial resources, and a separate “wealth” tracker to monitor over-all financial health and progress-over-time. The net-worth tracker is updated approximately every 6 months and includes all assets, not just cash, and any liabilities.
We also have quarterly budget meetings to ensure our priorities haven’t changed! We adjust things frequently!
We have successfully gotten ourselves down to ZERO liabilities after selling our house earlier this year, though we anticipate buying another one hopefully sometime this year!
I don’t worry about planning, I spend my time and energy thinking about how to make more money.