Creating Your 2 Year Plan
A financial plan isn’t only for the wealthy. No matter how much money you have, we recommend starting today with a written plan to set you up for future success. Why do we suggest a two-year plan? It really can be as far out as you want to plan - but if you don’t have a plan in place now, let’s get started with the next 24 months! Where do you want to be?
Have you ever heard the saying “a goal without a plan is just a wish”? That rings true for your financial future. Writing your financial plan down (whether on paper, app, or spreadsheet) takes it from an idea to a plan. Plus, you’ll have a record of success or a signal you need more changes when you look back a year from now. Get writing!
What is your 2-year financial plan? The essentials include your family goals, your budget, and thinking beyond today! We have some tips to get you started!
Define your why.
There are many reasons for setting and sticking to a financial plan. You may have more than one. Choose your core goal(s) and focus from there. Common goals are:
Ending fights about money for couples
Breaking the paycheck-to-paycheck cycle
Getting out of debt
Setting and reaching long-term financial goals
Track and reduce spending.
Writing down what money is coming in and where your money is going is the place to start. That’s also the first step in making a budget :) By living within a budget mindset, you can reach those goals! We recommend using this easy-to-use worksheet from the Consumer Financial Protection Bureau. New Money Goal Worksheet (PDF)
Give it time.
Sticking to a budget and reaching your financial goals will not happen overnight. It takes time to get it right. It may take 6, 12, even 24 months to correct and fine-tune your spending habits. But it’s worth it! Set those financial goals and give yourself the time to put them into action. We’re here to help!
Talk to us at the Credit Union.
We are here to help! Seriously - that’s the best part of being a non-profit financial cooperative. Our banking role is not only to make loans and provide checking and savings accounts - we are here to help you plan and succeed with your overall health. Learn more about our Credit Review process. We find ways to help members save money and plan every day.