5. Design a Plan

b. Create a personal financial plan

Money management can be the key to achieving your financial goals. Developing the skills to manage your money can go a long way in helping you for the rest of your life. There’s no great secret to reaching your goal but you do have to stop, reflect, prepare, and implement. Follow these five steps to create “a financial plan.”

Step 1: Create financial goals
Step 2: Create a current income and expense record
Step 3: Create an insurance plan
Step 4: Create a savings and investing plan
Step 5: Create a budget

Next, we'll go through each step one-by-one.