8 Simple Steps to Making a Financial Planning Checklist

8 Simple Steps to Making a Financial Planning Checklist

What does it mean to have a financial plan?
Financial planning is having an ongoing method to help you make knowledgeable decisions about spending, saving, and investing your money in order to achieve your financial goals.


Here are 8 Simple Steps to Create Your First Financial Planning Checklist


number one in blue box  Examine Your Current Financial Situation… The first step is understanding where you are today.  Begin by making a list of your income sources and expenses.
Download our Balance Track Cash Flow Worksheet.

number two in blue box  Set Financial Goals… Identify your goals under three categories:  short-term, mid-term, and long-term.  Short term goals (emergency savings, vacations, and electronics) are achieved in under a year, mid-term goals (down payment for a large purchase, such as a home) in one to five years, and long-term goals (retirement savings and higher education) in five years or more. 
Download our Balance Track Financial Goals Worksheet.

number three in blue box  Consider Savings Account and/or Investing Options… There are a lot of options for letting your money grow for each financial goal.  Consider investment options available by your employer, if any, and speak with someone in your benefits department to learn more about your unique options.  Savings Account options are available at American Eagle Credit Union and consist of:

number four in blue box  Review Your Health Insurance …
Part of planning for your financial future includes health care coverage and costs.  Learn about our Health Savings Accounts for saving for certain medical expenses, such as copays, deductibles, and more.

number five in blue box  Learn More About Life Insurance… If you have dependents, consider life insurance. There are two simple types of life insurance:  term and cash-value.  Cash-value is different, because part of your premium pays for the policy and part goes into a savings plan. 
Read more about Term and Cash-Value Life Insurance.

number six in blue box  Estate Planning… Planning your estate allows you to determine what happens to your hard-earned cash and assets.  Estate planning includes writing and reviewing a will, which is a set of instructions for your assets, and your trust, which is a legal entity in which your property is held for the benefit of another person(s).
Read more about Estate Planning.

number seven in blue box
  Rebalance Your Financial Portfolio… Rebalancing your portfolio regularly ensures you’re not carrying too much risk and are sticking to your overall plan.

number 8 in blue box  Check in with Financial Planning Services…
It’s always beneficial to have a financial advisor or trusted investor review your plan.  American Eagle Credit Union makes available financial planning services with programs for those just beginning their careers to those contemplating retirement.  Some of the services include:

  • Comprehensive Financial Planning

  • Investment Advice

  • Retirement Planning

  • Risk Management

  • Insurance


We’re Here to Help.
If you would like assistance identifying your resources, analyzing your objectives and mapping out a strategy to help achieve your financial goals, or seek the services of a qualified financial representative, call (314)771-7700 or (800)325-9905 ext. 58670 or send us an email.

Thank you for your thoughts and comments on this blog topic. We welcome hearing from you. For your security, please do not to request transactions to your account in your comments. Additionally, do not include confidential information in your comments as this communication is not a secure channel for transmission.