Skip to main content

James Fettig – Wealth Manager
Nate Natwick – Wealth Manager

Bismarck Office: (701) 250-5126
Beulah Office: (701) 873-4117
Email: info@focusonyourwealth.com

  • Home
  • Our Approach
  • Getting Started
  • Why We Care
  • Our Team
  • Blog
  • Contact
  • Client Login

    You are here

  1. Home
  2. Blogs
  3. How to Create a Financial Plan

How to Create a Financial Plan

Submitted by Focus Wealth on February 10th, 2022

Creating a financial plan may seem overwhelming to those that have never completed one, but taking the first steps to creating a plan is much easier than you may think. Even if you plan on hiring a professional financial planner down the road, creating a rudimentary plan can go a long way towards sharpening your goals, making your meeting with a financial planner much more useful when it does occur.

If you’re not sure where to start, consider the following suggestions.

  1. Take stock of your current income and expenses. While doing so, be sure to categorize your expenses, so you’ll be able to see exactly where your money is going. Most financial institutions make this process easy by providing details on all transactions. Be sure to include credit cards in this first step as well. This should be done for at least a month, preferably two, to give you a clear idea on just where your money is going. On a side note, this process can be an eye opener, so be prepared.
  2. Create some basic financial goals. They can be as simple as saving to buy a house, or wanting to retire at age 45. Try to be as specific as possible, and start doing everything you can to realize those goals. If your main goal right now is to buy a house, start driving around, looking at neighborhoods, or attend an open house or two. These simple acts will make buying a home less abstract and more of a goal that you are actively working towards.
  3. Be sure to create both short term and long-term financial plans. While your home-buying goal is short-term, wanting to retire at age 45 will require a more specific financial strategy. In the meantime, start taking the steps needed to attain your short-term goals. You can do this by taking a look at your current income and expenses, created earlier. For example, if you’re spending hundreds of dollars eating out each month, make a commitment to dining in more. If you have significant credit card debt, funnel some of the money you’ll be saving eating in directly to those credit card companies and pay that debt off. You’ll reach your home-buying goal faster, while improving your credit score as well.
  4. Put money in a savings account. Whether you’re saving for a down payment on your new home, or just want a cushion, it’s important to maintain some liquid assets for an emergency.
  5. If you’re not already, start contributing to your employer’s 401(k), if one is offered. If you’re self-employed, or your employer doesn’t offer an investment option, open a Roth IRA. Both play an important role in that early retirement goal you’ve set for yourself.
  6. Be sure your plan is fluid. A financial plan is a living document, and should be updated as your circumstances change. Events like marriage, divorce, a job change, or the birth of a child can have significant impact on your financial goals, and your ability to attain those goals. Make sure your plan changes accordingly.
  7. As your plan and your goals expand, consider consulting with a financial professional who can help you plan a strategy to pursue those goals.

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2014-2019 Advisor Websites.

Book a Complimentary Consultation

Tell a Friend

Looking to learn more?

Get in touch today

Contact Us

Additional info

  • Sitemap
  • Legal, privacy, copyright and trademark information

Contact info

    info@focusonyourwealth.com

 

Bismarck Office:

  • 600 S 2nd St., Ste 155 , Bismarck, ND 58504
  • (701) 250-5126
  • 800-648-2423

Beulah Office:

  • 117 Highway 49 N. Beulah, ND, 58523
  •  (701) 873-4117
Check the background of your financial professional on FINRA's BrokerCheck.
 
 
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
 
Securities offered through LPL Financial. Member FINRA/SIPC. Advisory services offered through NewEdge Advisors, LLC, a registered investment adviser. NewEdge Advisors, LLC and Focus Wealth are separate entities from LPL Financial.
 
The LPL Financial representatives associated with this website may discuss and/or transact securities business only with residents of the following states: Arizona, California, Colorado, Florida, Iowa, Idaho, Kansas, Maryland, Michigan, Michigan, Minnesota, Montana, North Dakota,  New Mexico, Oregon, Pennsylvania, South Dakota, Texas,  Washington, Wisconsin, Wyoming
 
NewEdge ADVISORS is a registered investment adviser. Advisory services are only offered to clients or prospective clients where NewEdge Advisors and its representatives are properly licensed or exempt from licensure. This website is solely for information purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by NewEdge Advisors unless a client service agreement is in place.

LPL Financial Form CRS

© 2025 Focus Wealth. All rights reserved.

Website Design For Financial Services Professionals