Simple Guide to creating personal finance plan 2024 free

You clicked on this blog post because you want to learn how to create yout personal finance plan, so i will just go straight to the point and give you my best strategies without any further ado.

In this article, i will provide you with a simple and quick guide on how to design, curate, and develop your own personal financial plan for 2024.

What is financial planning?

Financial planning is the simple process of arranging and planning your money—how you’ll make it, save it, spend it, and organize your finances to live a comfortable life with financial security and wellness. This applies to everyone, not just those who are financially well-off.

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In fact, I often emphasize to low-income earners that with a good financial plan, you don’t need a seven-figure income to achieve your goals.

In this article, I’ll provide you with a straightforward guide. By the end of this article, you should be ready to sit down, have a “money date” with yourself, and set your 2024 financial goals if you haven’t done so already. Let’s dive in.

What do you need to create a financial master plan?

Designated Time and Resources:

Set aside intentional time in a relaxed and serene environment. Whether it’s enjoying a cup of tea or coffee, create a quiet space for serious self-reflection. Ensure you have the resources needed, whether it’s a notebook or a laptop, to document your intentions. Mental notes won’t suffice; you must write it down.

Gather Statements: Collect your bank, loan, savings, and investment statements. These will help you understand your current financial standing.

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Utilize Tools: Choose a tool for financial planning, be it a mobile app or an Excel sheet. Structuring it correctly is key.

Clearly Define Financial Goals:

Short, Medium, and Long-Term Goals: Break down your goals into short-term (next 12 months), medium-term (next 2-5 years), and long-term (5+ years).

Ask Key Questions: Identify what you need to do with your money in the next 12 months (short-term), 2-5 years (medium-term), and 5+ years (long-term). Your goals should involve what you want your money to achieve for you.

Attach Timelines and Amounts: Every financial goal must have a specific timeline and amount. This step transforms vague intentions into actionable plans. It’s not a financial goal without a clear number attached to it.

Source of Funds:

Income Management: Dive into income management and budgeting. Understand where your money is coming from and how it aligns with your goals.

Budgeting is Crucial: Actively budget in 2024. Use tools like Excel sheets or mobile apps to track where your money is going each month. This step is vital for successful financial planning.

Put Measures in Place:

Written Plan and Budget: Break down how much money will go towards each goal. Allocate funds for bills, debt repayments, savings, investments, and other specific purposes.

Regular Check-Ins: Monitor your progress regularly. Perform weekly check-ins on your spending, monthly money dates, and quarterly deep planning sessions.

Realize Financial Planning is Ongoing:

  1. Lifestyle, Not Event: Understand that financial planning is not a one-time event. It’s an ongoing process. Embrace financial literacy as a life skill, checking in on your finances consistently.
  2. Normalize the Process: Regular check-ins reduce the pressure associated with year-end financial reviews. Make financial planning a lifestyle, not a yearly resolution.
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In conclusion, financial planning is an ongoing journey. Don’t limit it to a specific time of the year; make it part of your lifestyle. If you need a more in-depth understanding, consider joining my Telegram channel from the button at the website header.

I hope you found this information insightful. Let me know in the comments if you have any questions or thoughts. Don’t forget to like, share, and join us on Telegram for more valuable content.

Read: 10 business ideas to start from home in 2024 and beyond. 


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