Financial Planning Resources

Financial planning resources exist to help you manage your money and determine how much you can safely spend on items like food, entertainment and clothing after necessary bills have been paid.

You must be fully aware of your financial situation before investing in large expenditures such as real estate, but you must also understand your financial situation to ensure you maintain sufficient funds to support yourself and your family. Additionally, you must have the ability to save enough money for emergencies and other unexpected costs.

Resources like worksheets and checklists can keep you on track, financially, for your future. Learning how to estimate possible expenses and calculate your regular spending habits can prevent stress and concerns related to your finances. Therefore, you should find appropriate resources that can help you discover how to create healthy budgets and avoid bankruptcy.

Financial Planning

Financial planning is the act of preparing an estimation of economic costs and income to explain the best ways to spend or save money. This type of planning is offered to both individuals and corporations (i.e., businesses) that may need assistance. Often, adults who are struggling to pay bills or meet personal financial goals request professional planning services, but anyone may utilize a financial plan

However, financial planning may be used for specific purposes rather than for general saving strategies. For example, you can seek professional guidance from financial planners when deciding if you should invest in stocks or other investment options like bonds. Experienced financial advisors can instruct you when to buy or sell stocks, mutual funds or other securities during the formation of a financial plan. Consequently, you can obtain customized financial information and free financial planning tools for any financial situation in which you may find yourself. The following list is of the most common areas that financial planning covers:

  • Basic budgeting
  • Insurance planning
  • Risk management
  • Investment planning
  • Tax planning
  • Retirement planning
  • Estate planning

Various financial advisors can generate great economic plans, and certain advisors may be better suited for some kinds of financial planning. For instance, certified financial planners (CFPs) are qualified for virtually any type of planning, certified public accountants (CPAs) and enrolled agents (EAs) serve as good accountants, chartered financial analysts (CFAs) are ideal investing partners and chartered financial consultants (ChFCs) specialize in life insurance and estate planning. Certified employee benefit specialists (CEBS), certified fund specialists (CFS) and chartered mutual fund counselors (CMFCs) may also be good candidates for you, depending on your financial requirements. Because financial plans take time to implement and fine-tune, many professional financial planners work with you for an extended period. Each financial planner tends to become a long-term advisor, making and restructuring financial plans that meet your changing needs. Be sure to employ a financial advisor with the proper certifications

Types of Financial Planning Resources Available

You may find several types of financial planning resources to aid your financial condition when needed. A list of all available resources is as follows:

  • Instructional videos, articles, worksheets or pamphlets that give apt financial advice on different topics
  • Online financial calculators to help plan costs and goals for retirement, student loans, etc.
  • Apps that track your income and spending
  • Phone consultations with professional financial advisors
  • One-time or ongoing financial programs in which you can enroll
  • In-person meetings with qualified financial advisors

Complimentary visual and written material provided for adults seeking financial insight may delve into topics such as how to create your own budget, assessing your financial situation and saving an emergency fund. Some worksheets may allow you to organize your spending costs and to cut back on your spending. Not only do these types of financial resources enable you to estimate your financial future but they also can help you reach financial goals and attain career satisfaction.

While personalized planning resources offered by financial advisors are preferred, you should take advantage of all resources available to you to benefit the most. Calculators and other economic estimation tools should especially be used in conjunction with other resources to help gauge how much money should be spent or saved to sustain a comfortable standard of living).

How to Make a Financial Plan

Whether you choose to make a financial plan independently or with professional assistance, you will need to consider how much you spend each month on goods such as food, transportation, housing, clothing, entertainment, healthcare, rent, mortgage and utilities. A simple method for tracking your spending is to use personal finance apps, websites or worksheets that let you insert the items you purchase and how much you spend on them.

Worksheets will often list categories like income taxes, interest income, health insurance premiums and employer retirement plan costs. You are advised to track your spending habits using these resources for at least three months to calculate your average monthly spending. Subtract your average monthly spending from your monthly earnings to determine how much extra money you may have to spend, save or invest. If you spend more than you earn each month, then you should review your spending habits and eliminate unnecessary costs.

Next, you should set financial goals. The properties of a smart financial plan always begin with strong goals. Your goals should be specific and plausible. For instance, a reasonable financial goal may be to own a house and pay about half of the mortgage. Another financial goal might be to start a college fund for your children that earns a minimum of $300 per month. The more specific goals are, the easier it will be for you to visualize how much money you should save or spend. Of course, detailed amounts will differ depending on your household income and expenses, but financial planning worksheets and advisors can help you formulate the perfect goal.


After setting your financial goals, you should check your credit history. Missing payments or accidentally paying for items you did not purchase can hinder your financial success and make some financial goals difficult to reach. Additionally, credit issues can cause your costs to increase. Utilize financial resources like credit score checks to simulate how debt reduction and alterations with your credit usage may affect your finances.

Finally, you should develop your financial plan. Budget templates sort expenses and earnings into readable sections that can help you decide where your money should be put.

However, the process of making a financial plan can vary for each financial situation. In the following steps, though, you may learn how most advisors construct and adjust financial plans for their clients:

  1. Ask clients about their financial goals, spending habits and primary sources of income.
  2. Evaluate the clients’ financial status using the answers they provide.
  3. Present the clients’ projected financial futures to them with figures and relevant data.
  4. Recommend changes to their current financial plans or budgets.
  5. Help the clients apply the recommendations.
  6. Oversee the application of the new financial plan and suggest changes when necessary.

Financial advisors may actively communicate with your insurance companies, banks and lenders to secure your finances or strictly track your finances without directly interfering with them. Ultimately, the level of involvement advisors exhibit depends on your preferences. To guarantee financial advisors produce the best financial plan possible, you are encouraged to share pertinent financial information like your annual income, how many adults and children live with you and an estimate of your monthly bills (e.g., credit card bills). You should also present your current credit score and any investments or savings accounts you may have.


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