7 Steps of The Financial Plan

When planning for the future, it’s important to create a plan that excites you, is meaningful and importantly is written down.

Meeting Your Savings Objectives

With money you can either ‘Spend It’ or ‘Save It’, Spending is an activity of your current self, saving is providing choices to your future self. A good savings plan will have 5 steps :

i) You must have a ‘Why’

ii) You must have a way of keeping score – ideally in an account named appropriately for the specific ‘Why’

iii) You need a contribution schedule

iv) You must choose a sensible place to deposit the funds and

v) You need to review progress and work on the ‘saving habit’


  • Emergency Funds – For the inevitable events – An ‘Oh No’ fund
  • Treat Funds – Reward systems are essential for budgeting – An ‘Oh Yeah’ fund
  • Specific Objectives – School fees, birthdays, holidays, weddings etc.
  • Generic Objectives – A ‘Nest Egg’ fund.