If you’ve been on our website, you’ve probably noticed our financial planning technology. The whole point of the tool is so you can get an outline for your life and not have to think about a lot of this stuff as you’d have a plan ready to implement.
Below are steps on how to create your own financial plan with brief explanations on what each section is about.
1.) On the left side of the screen, click on ‘Plan Summary’.
2.) If you haven’t built any plans yet, click on ‘Build a New Plan’ in the middle of the screen.
3.) Title your new plan whatever you want and hit ‘Next’ in the bottom right.
4.) You will now be on section 1 of creating your financial plan and this section is where your budgeting goes. You may customize it completely to your standards, whether it be adding in a stipend for your income or a Charity expense. Once your budgeting is complete, click on ‘Next Section’ at the bottom.
5.) This will be section 2 which are where you input your assets and debts in. In the asset section, if you have a 401k and your employer offers a match, you’d be able to edit your 401k to put the match in. If you went to the debts and wanted to edit your student loans, you can even choose which repayment plan you’re on. After you’ve created how you want your income split up between these categories, go ahead and click on ‘Next Section’ at the bottom right.
6.) On section 3 you may input where your insurances are. Once you input those how you’d like, click on ‘Next Section’ again on the bottom right.
7.) This will be section 4 where you input major events to your profile. Click on ‘Add Life Event’ if you wanted to add anything in.
8.) In our example, we clicked on ‘Buy a Home’.
9.) You’ll be able to see questions asked such as when do you plan on buying the home, how much was it, and the downpayment. Click ‘Save’ once you’re ready. Once you’ve finished adding in your life events, click on ‘Next Section’ once more.
10.) The final section to your Financial Plan is your Emergency Fund of which will update once you do section 1 of your Financial Plan (or step 4). Once you’re ready, click on ‘Next: Review & Compare’.
11.) You’ll now see a broken down verstion of the plan you just created that goes in depth on numbers such as your assets, debts, how much you have by retirement age, your goals and when they’re completed, etc. If you’re happy with this plan, go to the bottom right part of the screen and hit ‘Implement’ and you just created your new Financial Plan.
