FF Challenge – Day 13: Make a Financial Plan

Welcome to Day 13 of the Financial Freedom Challenge 🙂 Yesterday we worked on our Financial Goals. Today will be a day of review of the past days. Today we will work on our Financial Plan.

Are you ready?

FF Challenge - Day 13: Make a Financial Plan

What’s today’s task?

As I said before today we’re going to work on our Financial Plan. First of all, what is a Financial Plan?

Investopedia says: “A Financial Plan is a comprehensive statement of an individual’s long-term objectives for security and well-being and a detailed savings and investing strategy for achieving those objectives”.

That’s it. We can say that creating a Financial Plan means creating a system that allows us to keep our current situation under control and plan our future financial life.

Actually, we’ve already worked a lot (even if you don’t know it) on our Financial Plan.

Indeed we’ve already accomplished many steps that are part of the creation of an effective Financial Plan. During the first days of this challenge we worked on:

  • Tracking our Net Worth (Day 2)
  • Budgeting (Day 4)
  • Building an emergency fund (Day 7)
  • Saving more for the future (Day 10)
  • Writing down our goals (Day 12)

If you’ve already done all these steps you are at a very good point. Congratulations! 🙂

Otherwise today I give you the opportunity to complete the steps listed above. You need to complete them all right now because the creation of a Financial Plan needs further steps. We’ll work on them during the next days, but when these days will arrive you need to be ready.

My advice is to create a new folder on your PC, call it “Financial Plan” and use it to contain all your files related to this topic to be more organized.

So if you’ve already completed the steps above you’re OK for today. Otherwise, work on them now.

A brief summary of today’s task of the Financial Freedom Challenge

  1. Carefully read the list above
  2. Work on the steps you have not yet completed
  3. Ask me if you need help

Final recommendations

This was Day 13 of the Financial Freedom Challenge. If you worked well in the past days today was a rather light day for you 🙂 As I wrote before, if you have any questions about this challenge, write a comment and I’ll be glad to answer you. We need to complete all these steps today, so don’t be shy!

Besides share in the comments your opinion about this step. I’m always curious about it 🙂

Come back tomorrow for Day 14. I’ll be here for you! Remember to follow us on Facebook and Instagram! Share this challenge on your social media: this will keep you motivated during the path, trust me 🙂 If you want direct contact with me (answers, discussions, doubts, advice…) and the other participants, join our Telegram groups (ENG Group, ITA Group).

Finally, subscribe to the blog if you want to receive the next steps directly on your email:

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