my financial plan for the future essay

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Financial Need Scholarship Essay Examples (2023)

Jennifer Finetti Oct 2, 2022

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Many scholarships are awarded based on financial need. In order to win these scholarships, you must explain the nature of your financial need. In the guide below, we’ll explain how to write these types of essays to increase your chances of winning. Check out these scholarship essay examples for financial need scholarships.

How to write financial need scholarship essays

Here are some tips for writing financial need scholarship essays:

• Maintain a positive tone throughout the essay . You do not want to come across as self-pitying. Focus on ways you learned and grew from past experiences – how they made you stronger.
• Do not diminish other people’s suffering. This is a competition, but that doesn’t mean you should belittle your competitors. In fact, it would be better to say “I know there are many worthy candidates for this scholarship, but…” than to say “I have suffered far more than…” Show respect in everything you write.
• Frame your essay around a specific event. You may add other details if you have space to, but use one experience as the thesis for your essay.
• Avoid controversial statements and opinions. When discussing events from your past, do not belittle someone else or talk negatively about a group of people. You never know who will be reading your essay.
• Tell your story with honesty. Do not fabricate any details to make yourself sound needy. Your past and present circumstances will speak for themselves.
• Don’t try to sound philosophical. Some students will do this because they think it makes them seem smarter, but it rarely has that effect. Focus on proofreading and writing solid content. That is enough intelligence on its own.
• Discuss your career goals, if possible. You may not have room for this if the essay is short. If you do have room though, discussing your career goals will indicate a plan for the future. Review boards reward determination.

You know why you need financial aid. Tap into the key elements of your circumstances and use them to craft the perfect essay.

Many scholarships are awarded based on financial need. In order to win these scholarships, you must explain the nature of your financial need. In the guide below, we’ve provided examples of scholarship essays for financial need scholarships, along with some tips to help you write your own essay.

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Example 1: “Provide a statement of financial need”

Some scholarships will simply ask for a statement of financial need. There are no parameters to follow. You’re left to write whatever you want. Typically, a statement of financial need is two or three small paragraphs. This will come out to roughly 150-200 words, but it could be slightly longer. Think of this as a cover letter for your scholarship application, highlighting the key elements of your financial need. Don’t build up to the thesis. Get directly to the point.

I am the first person in my family to graduate high school, and thus the first to attend college. Both of my parents dropped out of school when they were teenagers. Because of their limited education, they have always worked in entry-level positions, earning barely enough to put food on the table. My first job I got was at the age of 12 delivering papers, and I have worked hard ever since to relieve pressure from my family. I enrolled in Mississippi’s HELP program during my senior year, which covers tuition and fees at select colleges in the state. I also have a Federal Pell Grant to cover my housing. However, I still need funding for books, supplies, and transportation to campus as needed. I am an engineering student, and our classes come with high fees. My parents cannot contribute to my college expenses, and I cannot work much while I’m in school. This scholarship would help me avoid costly student loans that could take years to repay.  

Example 2: “Describe your financial need in 100 words”

This essay is even shorter than the financial need statement. It may be one of several short answer questions you need to fill out. Working with 100 words is tricky. That only leaves room for about 7-10 sentences, depending on length. Make compelling statements using the fewest words possible.

Also note that grammar errors and misspellings will be much more noticeable in this short essay. Carefully proofread your writing before submitting the scholarship application.

I got pregnant and dropped out of high school when I was 15. By the age of 20, I had two more children, and we all shared a one-bedroom apartment. I worked three jobs to pay the bills, but I never earned much. When my oldest started high school, I did the same. I got my GED at 29 and enrolled in nursing school. My financial status has improved now with a GED, but I’m still a single mom with three kids. I want to become a registered nurse to give my children a stable future. I appreciate your consideration.

Word Count: 100

Example 3: “Explain your financial need in 500 or more words”

This scholarship essay prompt is the opposite of the one above. You have much more room to discuss your circumstances. Talk about your family life, your income, and other restraints that contribute to your financial aid . Try not to throw too much in the essay though. You want the information to flow together seamlessly. Edit carefully, and give the readers a full view of your situation.

My name is Brandon Noviello. I am a sophomore on track to earn my Bachelor of Arts in Sociology. I need financial aid because I do not have a family to contribute to my education. I was in foster care for two years before I aged out of the system, and now I am pursuing a degree completely on my own. I was raised by a wonderful woman who didn’t always have a wonderful life. My mother got pregnant after a sexual assault, but she was determined to raise a smart, successful man. She went through an accelerated program to graduate high school before I was born. She devoted the rest of her life to supporting me, both financially and emotionally. My mother’s family cut ties with her the moment she became pregnant. Life wasn’t easy for us, but I never wanted for anything. She always found a way to keep me fed, dressed, and in school. Unfortunately, she lost a long-term battle with depression when I was 16, and I was put into the foster system until I reached adulthood. I did not have a positive experience with foster care, but I admit, I had no desire to. My mother’s passing weighed heavily on my mind, and I felt an overwhelming sense of anger, regret, and frustration. There was one gleam of hope in my experience though. I had a great social worker. I fought her decisions every step of the way, and she still managed to find a family to get me through high school. My social worker was the only person I invited to my graduation ceremony.  She helped me realize how much one person’s efforts can make a difference in the lives of others. I was only one of countless children she had helped over the years. I researched how to become a social worker so I could help other children like me. My plan is to work with the Department of Human Services in the foster care and adoption division after I graduate. In order to make my dreams a reality, I need financial aid. I am working as a server to pay for food, utilities, and basic necessities, but I do not earn enough to pay for college as well. I go to school during the day and work at night. Furthermore, I have a maximum Pell Grant to cover most of my tuition, but I still need help with other expenses. I did not do well in high school as a result of my mom’s passing, but I have done well in college. I have a 3.25 cumulative GPA, and I have never made less than an A in a degree-related course. As such, I am committed to being successful despite my circumstances, and I want to help young people find that motivation within themselves. I look forward to working with children and teens in the foster system, so I can be the hope that someone else was for me.

Word Count: 498

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Jennifer Finetti

As a parent who recently helped her own kids embark on their college journeys, Jennifer approaches the transition from high school to college from a unique perspective. She truly enjoys engaging with students – helping them to build the confidence, knowledge, and insight needed to pursue their educational and career goals, while also empowering them with the strategies and skills needed to access scholarships and financial aid that can help limit college costs. She understands the importance of ensuring access to the edtech tools and resources that can make this process easier and more equitable - this drive to support underserved populations is what drew her to ScholarshipOwl. Jennifer has coached students from around the world, as well as in-person with local students in her own community. Her areas of focus include career exploration, major selection, college search and selection, college application assistance, financial aid and scholarship consultation, essay review and feedback, and more. She works with students who are at the top of their class, as well as those who are struggling. She firmly believes that all students, regardless of their circumstances, can succeed if they stay focused and work hard in school. Jennifer earned her MA in Counseling Psychology from National University, and her BA in Psychology from University of California, Santa Cruz.

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Personal Finance, Essay Example

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One’s financial plan is an essential component for any prospective notions of personal wealth and readiness for retirement.  In a distinct set of areas, these personal goals in my plan of action are realized for financial independence.  In the matters of my personal budget, investments, and way of life these factors come together to create a harmonious financial plan for realizing my financial goals.  It is extremely important to examine one’s budget to gauge one’s financial abilities and leverage.  This will dictate the amount of money for investments, in accordance with one’s financial goals.  Finally, cutting down expenses and making other decisions about one’s way of life can provide additional financial relief.  These steps are important in being able to realize personal wealth and readiness for retirement. There are a number of things to consider from a personal standpoint in regards to one’s finances.  Planning for the future and for my retirement is something that requires a plan, along with establishing a plan to attain wealth.  There are a number of things that need to be in consideration in order to obtain wealth and plan for the future.

Before personally identifying numbers from which to work, my personal budget needs to be take in consideration.  One must work within his or her means, and this is of course true in my case as well.  My financial plan must take into consideration where I am right now in regards to my financial goals and in these dynamics.

The first step is identifying my expenses.  This is a process that will allow myself to examine whether my expenses are reasonable.  Furthermore, I will be better able to reduce my expenses after examining them in detail.

Cutting down on my expenses will do two things immediately.  Firstly, the immediate impact to my budget and financial comfort will be improved.  I will be better able to control how much money is spent in various areas, which will put me at better ease financially.  Secondly, there are important benefits in the long term for such efforts.  By cutting down on unnecessary expenses, I will be able to realize this lost money and invest it in my future, or at least a place that will benefit me financially.

Retirement Account

Once the expenses are identified in my budget, my retirement account should take on a high priority.  Even if I am unable to make the maximum allowed contributions to my retirement account, it is important that I establish a place for my retirement account in my budget.  If I keep these consistent payments going into my retirement account, I will put myself in a better financial stance for the future.

With regard to my budget, examining my income and expenses will allow me to decide how much I can afford to contribute to my retirement account.  This process will help me identify the level of financial flexibility I have.  Obviously, I will have to take other investments into account as well, in addition to my retirement account.

After identifying the constraints of my budget, I should make a plan in accordance with my retirement.  By identifying an amount to target for my retirement, I will be able to project interest for a certain number of years, in order to gauge how much I will need to contribute on a monthly basis.  Of course such calculations will not be exact, but by doing this I will be able to adjust my calculations based on differences in my contributions, or interest levels in my investments.

Another valuable aspect of my finances are other types of investments.  Investments are a great way to establish personal financial growth.  Identifying investments, such as CDs, stocks, and other types of investments will allow be to better realize personal wealth and growth in my financial goals.

Devoting part of my budget to investments is another important part of my financial plan.  I have identified a number of investment options that will work with the limitations and opportunities in my budget.  Separating short-term from long-term investments, I have allocated an amount to realize investments as part of my overall financial plan.  For me my budget, encompassing all aspects of future financial growth is important, from short, long, and retirement-based investment plans.  In my every person should allocate funds to each, regardless of the budgetary demands of one’s finances.

The Way of Life

Managing one’s finances is more of a way of life than anything, at least according to my perspective.  When all of these factors are considered, it is important to stay focused on one’s financial goals.  Even for someone who does not have many financial resources, it is important to have a plan of action and to stay committed on executing that financial plan to realize these financial goals.

Cutting down on expenses is a matter that is very important to one’s financial goals.  To a certain extent this becomes a way of life.  For instance, some households easily spend a hundred dollars a month on unnecessary groceries, such as expensive snacks and drinks.  However, if lower-cost replacements could be utilized, the savings and the potential investment return on such savings would be impressive.

Thus one should approach one’s budget with a positive approach.  One can easily cut down on expenses in many different ways, from eating out and buying cheaper groceries, to limiting one’s entertainment budget.  If these expenses can be cut on a regular basis, budgets would be much more easy to handle, and much more conducive to realizing the financial goals of many.

In identifying my plan of action, this is an approach that I am taking.  Even if I don’t have as much money to allocate to investments and a retirement account, it does not mean that I can’t cut spending.  Then, once I cut my spending, I can potentially see valuable returns in investments over time.  These potential returns will be able to go a long way to my financial goals, retirement-related goals, and my plan for obtaining personal wealth and financial freedom in both the short-term and long-term.

One important aspect that cannot be overstated is commitment.  In my opinion, if one is committed to his or her finances, he or she will be able to cut spending and obtain financial freedom.  Similar to my situation, even if one doesn’t fell as if though many financial assets can be allocated to investments, respectable returns can be seen on money saved through other means.  One doesn’t always have to have a large income to be financially successful.  It can easily be obtained with smart spending and planning as well.

My plan for realizing my financial goals starts with my budget.  Examining one’s budget is arguably the first crucial step for obtaining a plan of action in the face of financial goals.  By identifying both the income and expenses of one’s budget, one is able to gain awareness of the flexibility or lack thereof in one’s finances.

Allocating amounts of money to investments is a primary course of action in my financial goals.  In order to realize a level of personal wealth and readiness for retirement, investments must be a part of my financial plan of action.  This remains an important part of my budgetary considerations for realizing my financial goals.

In my plan for financial success from the short to long term, I have realized that much of this revolves around one’s commitment.  Even if one is unable to allocate even the smallest amount to an investment account, one could do so if he or she cuts down on unnecessary expenses.  With these goals in mind, anyone can realize financial independence and wealth with these basic steps.

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How to write a financial need statement for your scholarship application (with examples!)

So you’re applying for a scholarship that asks you about your financial need. What do you say? How honest or specific should you be? What is TMI? In this article, we break down how to pen an awesome financial need scholarship essay or statement.

What to include in a financial need scholarship essay

Template to structure your financial need scholarship essay, introduction: your basic profile, body: your financial situation and hardships, conclusion: how you would benefit from this scholarship, was this financial need essay for a college financial aid application , now, reuse that same essay to apply for more scholarships, additional resources to help you write your financial need scholarship essay.

Many scholarships and college financial aid awards are “need-based,” given to students whose financial situation requires additional support. That’s why one of the most common college scholarship essays is a statement of financial need. This might be very explicit (“Explain your financial need”), somewhat explicit (“Describe your financial situation”), or quite open-ended (“Explain why you need this scholarship”).

In all cases, scholarship providers want to get a sense of your family’s financial picture: what your family income is, if you personally contribute to it (do you have a job?), and how much additional money you need to attend your target college (your “financial gap”).

If the essay prompt is a bit more open-ended (“Explain how this scholarship would help you”), your essay should probably be a combination of a financial need statement and a career goals / academic goals essay.  That’s because you want to show how the award will help you financially and in your academic or career goals.

Usually this statement of financial need is a pretty short scholarship essay (150-300 words), so unlike a college essay or personal statement where you have ample word count to tell anecdotes, you’ll likely need to get right to the point. 

Be sure to include: 

• If you are an underrepresented group at college, for instance, part of an ethnic minority or the first in your family to go to college
• Any relevant family circumstances, like if your parents are immigrants or refugees, as well as your parents’ occupation and how many children/family members they support financially
• How you are currently paying for college, including what you personally are doing to contribute financially (like working student jobs)
• What financial challenges/difficulties your family is facing, for instance, if a parent recently lost their job
• How you would benefit from the scholarship–including your academic and career goals (if word count allows)

Also remember to write in an optimistic tone. Writing about your financial situation or hardships might not be the most positive thing to share. But you can turn it around with an optimistic tone by writing about how these challenges have taught you resiliency and grit.

Give a short introduction to who you are, highlighting any family characteristics that might make you part of an underrepresented group at college. 

“I am a first-generation American and the first in my family to go to college. My family moved from El Salvador to New York when I was seven years old, to escape the violence there.”

Example 2: 

“I am from a working-class family in Minnesota. My family never had a lot, but we pooled our efforts together to make ends meet. My parents both worked full-time (my father as a mechanic, my mother as a receptionist at the local gym), while my siblings and I all worked weekend jobs to contribute to the family income.”

Dive into the details. How are you currently planning to pay for college? The idea here is to show that you and your family have made a good-faith effort to earn enough money to pay your tuition, but that it has simply not been enough. 

Make sure you describe your parents’ occupation, any savings (like a 529 College Savings Account), and any student jobs. You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans. 

Example 

As immigrants with limited English, my parents have had to accept low-paying jobs. My father is an Uber driver, and my mother is a housekeeper. They earn just enough to pay our rent and put food on the table, so I’ve always known they could not help me pay for college.  So I’ve been proactive about earning and saving my own money. Since age 11, I’ve worked odd jobs (like mowing my neighbors’ lawns). At age 16, I started working at the mall after school and on weekends. Through all these jobs, I’ve saved about $3000. But even with my financial aid grants, I need to pay $8000 more per year to go to college. 

Bring it home by wrapping up your story.  Explain how you plan to use the financial aid if you’re awarded this scholarship. How will you benefit from this award? What will you put the money toward, and how will it help you achieve your academic and/or career goals?

Scholarship review boards want to know that their money will be put to good use, supporting a student who has clear plans for the future, and the motivation and determination to make those plans a reality. This is like a shortened, one-paragraph version of the “Why do you deserve this scholarship?” essay . 

Winning $5000 would help me close the financial gap and take less in student loans. This is particularly important for me because I plan to study social work and eventually work in a role to support my community. However, since these jobs are not well paid, repaying significant student loans would be difficult. Your scholarship would allow me to continue down this path, to eventually support my community, without incurring debt I can’t afford.

My plan is to study human biology at UC San Diego, where I have been admitted, and eventually pursue a career as a Nurse-Practitioner. I know that being pre-med will be a real academic challenge, and this scholarship would help me focus on those tough classes, rather than worrying about how to pay for them. The $2000 award would be equivalent to about 150 hours of working at a student job. That’s 150 hours I can instead focus on studying, graduating, and achieving my goals. 

Sometimes this financial need statement isn’t for an external scholarship. Instead, it’s for your college financial aid office.

In that case, you’re usually writing this statement for one of two reasons:

• You’re writing an appeal letter , to request additional financial aid, after your original financial aid offer wasn’t enough. In this case, you’ll want to make sure you’re being extra specific about your finances.
• You’re applying for a specific endowed scholarship that considers financial need. In this case, your financial need essay can be quite similar to what we’ve outlined above.

Now that you’ve written a killer financial need scholarship essay, you have one of the most common scholarship essays ready on hand, to submit to other scholarships too.

You can sign up for a free Going Merry account today to get a personalized list of hundreds of scholarships matched to your profile. You can even save essays (like this one!) to reuse in more than one application.  

You might also be interested in these other blog posts related to essay writing:

• What’s the right scholarship essay format and structure?
• How to write a winning scholarship essay about your academic goals
• How to write an awesome essay about your career goals
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• Scholarships for Students in Pennsylvania for 2024 - November 11, 2020
• Counselor Starter Guide: How to Use Going Merry’s Scholarship Platform - September 9, 2020
• How to write a financial need statement for your scholarship application (with examples!) - August 13, 2020

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Creating a Personal Financial Plan: Step-by-Step Guide

Last Updated: December 22, 2023 Approved

Determine Your Current Financial Situation

Develop your financial goals, identify alternative courses of action, evaluate your alternatives, create and implement your financial action plan, review and revise your financial plan, expert q&a.

This article was co-authored by Ara Oghoorian, CPA . Ara Oghoorian is a Certified Financial Accountant (CFA), Certified Financial Planner (CFP), a Certified Public Accountant (CPA), and the Founder of ACap Advisors & Accountants, a boutique wealth management and full-service accounting firm based in Los Angeles, California. With over 26 years of experience in the financial industry, Ara founded ACap Asset Management in 2009. He has previously worked with the Federal Reserve Bank of San Francisco, the U.S. Department of the Treasury, and the Ministry of Finance and Economy in the Republic of Armenia. Ara has a BS in Accounting and Finance from San Francisco State University, is a Commissioned Bank Examiner through the Federal Reserve Board of Governors, holds the Chartered Financial Analyst designation, is a Certified Financial Planner™ practitioner, has a Certified Public Accountant license, is an Enrolled Agent, and holds the Series 65 license. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 12 testimonials and 100% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 351,979 times.

Financial plans are written, organized strategies for maintaining financial health and accomplishing financial goals. Developing a personal financial plan will not only allow you to control your financial situation but can enhance your quality of life by reducing the uncertainty you feel about money-related issues and future needs. While you may opt to employ a professional financial planner, developing your financial plan is a perfectly feasible practice. Most financial planning experts recommend following a six-part process to develop a robust plan for the future of your finances.

• Assets may include cash or cash equivalents, such as checking and savings accounts; personal property, including equity in a home and/or a car; and invested assets, including stocks, bonds, and pensions.
• Liabilities might include current bills and debts such as car loans, home loans, medical debt, credit card debt, or student loans. See How to Get Out of Debt .

• A positive net worth means that you have more assets than liabilities, a negative net worth means the opposite.

• You may find that your short-, intermediate-, and long-term goals build upon each other — saving $100 a month, for example, toward a house fund may lead toward your long-term goal of purchasing a home.

• Specific goals can be clearly articulated. A vague goal like "be financially independent" makes it impossible to succeed or fail. Have a concise and precise goal that you can turn into a short statement.
• Measurable goals have some quantitative dimension to them, such as "Get my credit score to 750" or "Have $12,000 in emergency savings". Without assigning a value to a goal, it's also difficult to know if you're making progress.
• Attainable goals are reality-based. Don't make a goal that you cannot realistically attain: this will only discourage you from having a plan at all.
• Rewarding (also known as Relevant ) goals feel good once you achieve them. There should be a positive feedback loop where you finish a goal and then want to finish more.
• Time-based goals are not open-ended but have deadlines and milestones that you can fail or succeed at. Remember that plans are not set in stone and they can change as you have new information: if you fail at a certain milestone on the way to a goal, adjust that expectation and give it a new deadline.

• You may find that your priorities differ. Engage in careful discussion to reach an agreement on compromises that will help you both feel comfortable with your financial future.
• Recognize that some people are more financially minded than others. Determine who will be in charge of a household budget, or consider ways to provide for each partner's need to feel some degree of control.

• Intellectual goals might include furthering your education, participating in leadership retreats, sending your children to college, and attending seminars.
• Think carefully about how you plan to produce income, whether this involves continuing or advancing in your current line of work or switching careers altogether.
• Lifestyle goals encompass the things you do for fun and entertainment, as well as the things you feel, are necessary to the quality of life for which you aim.
• Residence goals might include renting, purchasing a home, or relocation.
• Consider the lifestyle you want when you retire and set personal financial planning goals that will provide for a retirement that meets your standards.

• Continue the same course of action.
• Expand your current situation.
• Change your current situation.
• Take a new course of action.

• Consider how you feel about where you're currently positioned financially versus where your goals would take you in each of the categories you've considered. Do you see particular deficiencies in one area? Perhaps you should give this area special consideration.
• Remain practical. Step-by-step plans will move you toward your goals without leaving you feeling frustrated or defeated by the scope of your agenda.

Ara Oghoorian, CPA

Our Expert Agrees: Evaluating risk is very important for financial planning. Ask yourself if a risky purchase's potential benefits are greater than the costs. You should do this for all financial decisions, from going out to eat for dinner to investing in the stock market.

• Take your current net worth into account. If your liabilities approach or outweigh your current net assets, you'll want to take steps to change that ratio.
• While you may opt to focus on developing your net assets, don't forget that paying off debt can be a great investment. Interest charges mean that even paltry debts can become overwhelming over time. Allocating some resources toward debt reduction now may prevent serious problems from developing later. [8] X Research source

• Focus upon incremental growth. By doing so you will create a road map that will take you toward your goals.
• Be realistic. You won't be able to adopt all the great strategies you've evaluated at once, but selecting a balanced range of goals will help you meet the goals you do choose and grow toward a point when you can take on additional projects.

• Goals such as obtaining a new job may not fit neatly into a budget but should be listed in an easy-to-reference location as part of your working financial plan.

• Purchase personal financial planning software for automated help with organizing and writing your financial plan. Thanks Helpful 0 Not Helpful 0
• Ask for advice from a professional financial planner if you need help deciding among different investment vehicles. Thanks Helpful 0 Not Helpful 0
• Educate yourself. Read books, newspaper articles, financial magazines, and web journals that focus on finance and economics. Watch the news and speak to people who are experienced in personal financial planning. The more you know about financial matters, the better able you will be to plan for your future financial well-being. Thanks Helpful 0 Not Helpful 0

• Don't forget to account for 3 percent yearly inflation when calculating figures for your budget and projected expenses. [10] X Research source Thanks Helpful 0 Not Helpful 0

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• ↑ https://www.missouristate.edu/FinancialAid/RealLIFE/_Files/Creating_a_Personal_Financial_Plan.pdf
• ↑ http://www.cga-pdnet.org/non_verifiableproducts/articlepublication/overviewpfp/overviewpfp.pdf
• ↑ http://www.forbes.com/sites/laurashin/2015/03/31/the-1-page-financial-plan-10-tips-for-getting-what-you-want-from-life/
• ↑ http://inflationdata.com/Inflation/Inflation/DecadeInflation.asp

About This Article

To write a personal financial plan, start by making a list of your assets, such as money in the bank or real estate. Then, write a list of any liabilities you have, such as credit card debt or a student loan. Next, subtract your liabilities from your total assets to calculate your net worth. Once you know your net worth, create specific goals for your money, such as the ability to buy a house or take a European vacation. Then, decide how you'll set aside money towards these goals, like spending $80 less per month and putting that money in a savings account. For advice on how to know if your current financial plan is working well for you, read on! Did this summary help you? Yes No

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Best topics on Personal Finance

1. My Personal Financial Goals in Life: Financial Freedom

2. The Importance of Saving Money for Students

3. Being Smart With Your Money: the Importance of Financial Literacy

4. Unlocking Financial Literacy: Exploring the World of Finance and Money Management

5. The Value of Understanding Personal Finance Management for Students

6. Why Personal Finance Should Be Taught in Modern Schools

7. General Purpose Financial Report

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How to Write a Financial Planning Essay

Whether you’re running a company or managing your personal finances , organizing finances can be daunting. Some people are able to make it week to week and month to month without doing much financial organization . They’re seemingly able to just work with what they have and not worry too much about staying organized. This is a rare skill.

If you have financial goals that you wish to achieve, then writing a financial planning essay is absolutely essential. A good financial plan has to go beyond merely jotting down what money you have coming in and what you have to spend it on. If you want to make any real progress in getting ahead, then you need a plan that goes in depth. You need a financial planning essay. Here you’ll learn everything you need about how to write a financial planning essay and what one can do for your financial future.

Why Write an Essay?

If you have money, you likely already have some idea of how you need or want to spend it. So, why would you want to write an essay, something most people don’t do past college? The answer is simple: clarity of short-term and long-term financial goals .

When writing a financial planning essay, you’re putting down in detail what your financial plan is. You’re also defining the manner in which you will carry the plan out. It’s one thing to sit down and list your expenses and your projected income, but it’s easy for spending to get out of control without a more meticulous plan in place.

Writing in essay form helps you keep track of how much money you have coming in. You also keep track of where it came from. By sitting down and carefully describing where your money is coming from and how, when, and where you are going to spend you are being explicitly clear in your goals.

What Information Goes in a Financial Planning Essay?

Financial planning is a process that requires you to know how much money you have coming, what expenses you have, and when that money must be paid. It also enables you to factor in money and assets that are already available to you.

Weighing Options

If there is an expense your current budget does not cover, then you need to address it in the essay. Maybe you have goods around your home that you could pawn? Can you take out a loan? Maybe you can borrow money from a friend? Any means by which you can bring in money should be listed in your essay.

If you include borrowing money in your financial essay you need to also include how you plan to pay it back. If you take a loan that requires you to pay in installments, you need to feature those installments as part of the essay.

When creating a financial planning essay there is no real “right” way to go about organizing the content. However, as with any essay, if you want it to make sense it must have some form of structure. Here is just one potential financial planning essay structure that you can utilize:

• Money goals – In this paragraph, you should state explicitly what your financial goals are and in what time frame you intend to meet them.
• Current funds and assets – This is where you list your current amounts of money or assets that can be leveraged to get money.
• Income – This is where you state your income and the intervals at which you receive it.
• Outgoing expenses – This is a detailed account of what bills and expenses you need to pay in the given time frame that you have chosen. You must also outline how exactly you will pay each of these expenses.
• Alternative means of income – This is where you detail any alternative means of bringing in money. These are sources you perhaps had not yet considered in your goal-making. Perhaps you have decided to take on a side hustle? Maybe you are thinking of donating plasma for money? Maybe you are considering having a garage/yard sale? Perhaps a family member owes you some money? Whatever alternative money you could have could make a huge difference in helping you achieve your financial goals in a more timely manner.
• Goal implementation – This paragraph is arguably the most important one. Here you break down what your goals are when you wish to accomplish them, and how you intend to do it. Putting your goals and your plans for carrying them out is critical because you are giving yourself a perfect guide for how to achieve your financial goals.

Holding Yourself Accountable

The biggest reason for writing a financial planning essay is to hold yourself accountable. When your funding comes in, the essay is your point of reference to keep on track. Think of it as a map that shows you exactly where your money needs to go.

On the other hand, the essay also serves as a means to cushion the blow of any potential disappointment. Life happens, and sometimes when life happens you have to spend money. When this happens you can look to your essay to remember. Remember that the circumstances that set you back were unforeseen.

At the end of the day, all you can do is stick to your financial plan as best you can. It is okay to be a little tough on yourself when you misspend, but you should never beat yourself up over it either. Work your plan to the fullest of your ability. Only then you will be able to meet your goals.

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Personal Financial Goals on the Next Five Years

One of the essential conditions for being and staying ‘on course’ is financial stability. It might be challenging to envision one’s future, but it is possible to stay motivated by setting realistic short-term and long-term goals. A personal financial plan can help students take control of current spending habits, make informed financial decisions, and achieve the goals after graduation. In the following essay, I will explain why financial planning is vital for college students and discuss my goals and personal strategies for the next five years.

As a student, I understand that planning ahead and making wise choices are essential for financial security and the achievement of success in life. Student loans, and living expenses, such as housing, food, or transportation, place a considerable burden on young adults attending college. Financial knowledge may help effectively organize and manage available monetary resources and gradually accumulate wealth (Grable and Palmer 1-5). Financial literacy required for careful planning can involve budgeting skills, understanding of the time value of money, and awareness of saving and investment options. Therefore, my personal plan is based on a set of financial goals and potential strategies to achieve them.

My primary short-term goal is to have complete control of my finances, so I plan to create a budget planner to manage my current income and expenses. Keeping a planner might assist in the understanding of the main sources of income, examine spending habits and indicate financial goals for the next month or year. A healthy budget should be close to the recommended percentages of net income spent on (housing, transportation, food, entertainment), so the planner can suggest ways to create a positive balance (Downing 7). Moreover, the feeling of control by planning in advance may alleviate the stress associated with uncertainty and motivate a person to take advantage of financial opportunities (Grable and Palmer 1-4). For instance, analyzing repeated or unnecessary purchases may prevent wasteful spending in the future, while extra savings may be used for micro-investments. Alternatively, financial goals may become a part of a personal journal that can be employed to learn about one’s strengths and weaknesses in the financial area.

The next goal is to decrease the flow of money out and increase its accumulation. The efforts or sacrifices to save money during college can bring results in the future (Downing 5). Transportation expenses represent a significant part of overall spending, so I plan to drive less and walk more to save money on gasoline, car maintenance, and repairs. Additionally, credit cards and loans involve high-interest rates, so the short-term financial goal is to discipline myself to rely on cash, minimize the use of debt-accumulating bank products, and carefully monitor debit cards. Finding the sources of income, such as part-time jobs or investment dividends, may help accumulate funds for the future. However, it is crucial to maintain a healthy balance between academic and work responsibilities. Earning good grades and enough money from part-time work or passive income sources might help achieve the financial goal related to the money flow.

Another financial goal in my 5-year plan is to be financially secure and independent since living from paycheck to paycheck might be risky at times of uncertainty and global crisis. The adverse effects of the COVID-19 pandemic on the local and global economy, job market, and personal income, reveal the urgent need for personal savings. Establishing a basic emergency fund or a savings account with a small amount of money may assist in reaching the goal of financial stability and security. Financial advisors suggest that the amount of backup money in an emergency fund should be calculated depending on basic monthly expenses (Mill 42). The fund will allow me to fulfill financial obligations in cases of unpredictable or expected expenses due to job loss, health emergencies, or disasters. Thus, I hope to begin building an emergency fund to support me in the case of a crisis and alleviate finance-related stress.

Opening an investment account is the last goal in my financial plan. It is also helpful to know about the time value of money. The financial concept means that the sum of money a person/business has now is worth more than the identical sum will be in the future due to the loss of value called inflation (Mill 41). Based on that idea, investing even small amounts of money will bring more benefits in the future than spending it shortly after earning. The financial planning strategy also includes the assessment of financial risk tolerance (Mill 235). Investments may have uncertain outcomes, so the ability to take risks while investing is needed to take timely action when the investments are declining in value.

In conclusion, financial planning can help college students use basic financial knowledge and budgeting skills to achieve financial security. My 5-year financial goals for financial prosperity include keeping a budget planner, decreasing spending, creating an emergency fund or a savings account, and investing. The strategies to reach these goals might prevent wasteful spending, minimize the use of credit products, and help build and maintain wealth.

Works Cited

Downing, Skip. On Course: Strategies for Creating Success in College and in Life . 8th ed., Cengage Learning, 2017.

Grable, John, and Lance Palmer. Introduction to Personal Finance: Beginning Your Financial Journey . Wiley, 2018.

Mill, Alfred. Personal Finance 101: From Saving and Investing to Taxes and Loans, an Essential Primer on Personal Finance . Adams Media, 2020.

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Personal Financial Plan Essay Examples

Type of paper: Essay

Topic: Family , Taxes , Wealth , Unemployment , Time Management , Planning , Retirement , Finance

Words: 2000

Published: 02/02/2020

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Personal Finance

Personal Financial Plan Introduction A person’s financial success is determined by his ability to allocate and utilize his own financial resources. Planning is an integral part of every person’s future aspirations for a better life even retirement. However, financial planning is not as simple as outlining the current personal assets versus liabilities because similar to business financial planning it also considers both external and external environmental attributions. Internal factors vary from risk tolerance, projected financial situation, discipline, goals, spending, saving and investment patterns and consumption. On the other hand, external factors include social, legal, political, taxation and technological influences that has either direct or indirect effects to personal finances (Dalton, 2005, p. 38). In order to create a comprehensive personal financial plan, the step is to analyze the current financial situation and assess possible outcomes using the appropriate financial tools. Secondly, short-term, mid-term and long-term goals will be identified and ranked according to their importance in relation to expected and available resources. Lastly, due considerations will be given to asset protection, budgeting, time value of money, savings, debit/credit, estate planning and investment. After which, the first two steps will be incorporated to complete a financial development plan that will provide a clear picture of future finances.

Financial Plan

The financial model represents the family’s current financial situation and some illustrations of the possible direction that my family’s financial situation may take. The future market and economic conditions are generally unknown and at any time will changes at any point. These assumptions were made to represent the economic and market conditions that may occur in the future and was designed to promote actions needed to address any possibilities of risk. The main objective is to aid the family in terms of managing and maintaining a steady financial situation under changeable circumstances.

Current Situation:

- The family currently has assets estimated at $433,000. - Current liabilities are estimated at $140,000. - The entire family’s combined net worth is estimated at $293,000. - The family currently has a total of $183,000 worth of working assets adding $16,000 more per annum.

- My dad wants to retire at 64 and mom wants to retire at the same age as well. - The monthly after-income tax needed at the moment is $4,792 - In order to sustain finance until the age of 90 my parents would still need income even after retirement. - Meeting my educational goals will need an annual savings of $11,252 or $938 every month. Actions: It is apparent that my parents may run out of money before they reach the last life expectancy of 90 years old. However, there are range of possible options that they can take in order to improve the situation including increasing the rate of investments, increase annual savings by as much as $2,200 per year, reduce their retirement spending needs by means of deferring retirement for about 1 year and lastly, combine all the aforementioned and decrease requirement for each.

Asset Allocations

It is necessary for the success of the financial planning to ensure that the asset allocation is aligned with the goals. Therefore, it is important that the suggested assets should be compared to the current allocation because it the appropriateness of the allocation is beneficial to the situation provided that the assets have been allocated precisely. Below is the graphical representation of the asset allocation in relation to the above asset worksheet. The above represents a simple allocation of assets, which can be improved by diversifying the types of securities within the mix (Warschauer, 2002). Below is the suggested allocation, which represents a variation of asset allocation mix.

Goal Evaluation

Financial planning for the future requires organizing situations wherein the family would not be able to all the desired financial goals. Prioritizing is the key in achieving the desired goals by means of differentiating the goals and evaluating the long-term impacts of expenses towards the current financial situation for financial sustainability (Trochim and Linton, 1986). In addition, expenses associated with financial goals appeared to have a potential effect that would lead to a sustainable financial stability throughout life. Based on the current plan and suggested mix it appears that the success rate of the plan is likely to reach 25% Since it was indicated earlier that the planned expenses are also important, evaluations need to be conducted in order to determine the effects of such expenses to the sustainability of the long-term plans. In order to create the illustration, the current plan has been re assessed of its calculations several times excluding the associated expenses along with the various priorities of the financial goals. It starts with calculating the only the highest priority goals, retirement expenses and other expenses identified as important. Furthermore, the highest priority items will be categorized accordingly as primary and secondary and options will also be included. There are three expenses mentioned earlier, which are reconstructing the garage, remodeling of the basement rooms and a vacation in France. The categorizations of each expense are based on the current need for them to be executed. For example, the reconstruction of the garage is relatively important because it poses a hazard to other assets such particularly to the vehicles. The secondary priority is the remodeling of the basement room, which is designated as an office and study area. Finally, the French vacation is considered as least important because it is only regarded as a leisure trip, which has no long-term significant benefit to the family other than a self-compensation for long years of hard work.

Essential expenses only

Reconstruction of the garage: Start Year: 2014 / Inc. Rate: 3% / Number of years: 1 / Amount per year (1) $8,000 Essential and Primary expenses Remodeling of the Basement rooms: Start Year: 2016 / Inc. Rate: 3% / Number of years: 1 / Amount per year (1) $12,000 Essential, Primary, and Secondary expenses French Vacation: Start Year: 2018 / Inc. Rate: 3% / Number of years: 1 / Amount per year (1) $20,000 After reconsiderations have been made to the future expenses, the next step in the process is to create a retirement expense forecast to determine the amount required to spend for retirement. The retirement expense forecast is a combination of estimated Social Security benefits together with pre-defined pension benefits and plotted to show estimated living expenses on an annual basis during retirement. The estimation will begin during the legal retirement age of 60 years old and will continue until the pre-determined life expectancy. The basis of retirement expenses is the goal objective that has been adjusted according to inflation rate (personal.vanguard.com, N.D.). There is a rule of thumb being suggested when planning to live at a rate of about 80% of one’s current yearly income. It may sound feasible for a moment, but other factors such as cost of healthcare, cost of living, tax hikes and inflation also poses an immense impact to the overall outcomes of the retirement forecast. Ultimately, the amount allotted to the retirement fund is a kind of decision that will depend upon several factors such as the type of lifestyle intended in the future. It also explains the reason for maintaining a considerable plan that will serves as a guide in making financial decisions. In addition, several steps need to be considered when it comes to estimating expenses. First, is the non-discretionary spending, which includes residence mortgage, transportation, healthcare, insurance premiums, utility bills and taxes. Secondly, discretionary spending, these are the things that can either be reconsidered to be stopped at will or can be identified as the least priority. Some examples may include hobbies, travel, gifts, entertainment and charitable donations. Third, is inflation, this is a kind of expense that cannot be modified at will. Financial planning always needs an estimation of the inflation rate because the likelihood that the budget allotted for retirement may change over the years. There could either be an excess or variance to the budget depending on the increase and decrease on the time value of money. Lastly emergency funds, unexpected circumstances will call for an immediate financial response. For instance, one of the family members is being hospitalized and the current healthcare plan will not be sufficient to cover the cost. It is important that the budget also includes expenses during times of immediate need. After determining expenses, the next step is to sum up the gross income. Income may come from social security, pension plan, retirement portfolio, part-time employment and annuities. Determining all the aforementioned will measure the amount of money coming in to the household and will serves as a benchmark for spending. Maximizing the potentials of the said income streams would alleviate potential risks of running out of money and jeopardizing the long-term financial goals. Subsequently, any instances of shortfalls should resort to reduction of expenses, late retirement, saving more today or taking more jobs than the usual. If there a surplus of funds at hand, it would be best to reinvest excess money back to the retirement portfolio or put more money in the emergency reserves.

Other Considerable Factors in Planning

Like any other financial planning the complex and critical components include considerations for estate planning. An effective financial plan needs careful coordination of various areas in the financial plan. The primary goal of the estate planning section is highlighting the concept of illustrating potential benefits of estate planning basic techniques. Back in 2010 the estate tax rate was at zero (Larsen, 2010). Most people would minimize estate tax exposure as part of their primary goal. Some of the basic techniques used for estate planning are the maximization of the Applicable Exclusion Amount, Revocable Living Trust, Unlimited Marital Deduction, Annual Gift Exclusion, Irrevocable Life Insurance Trust and Unlimited Charitable Deductions. Other goals might also include minimizing income tax, estate liquidity and managing administrative, probate and other expenses. General assumptions made based on the family’s current financial standing and planning data, it can be assumed that funding a credit shelter will allow the family to utilize the available exclusion amounts, which is currently at $1,000,000 per person. Assumptions also include life insurance benefits that were kept out of the taxable estate. If the household has a $211,706 plus other assets amounting to $250,000 minus the estate tax base of $303,572 and exclusion amount of $2 Million ($1Million for each parent) the estimated tax would be $0.00.

Financial planning is crucial for the survival of an individual or in this case, our family. Determining the amount of money at hand including assets and liabilities is essentially helpful in terms of foreseeing the financial health of the entire family or any survivor after life expectancy. Personal financial planning ultimately leads to the achievement of future goal, being knowledgeable about own finances and being familiar with budgeting. A the budget becomes more familiar, the more the family would be able to cope up with untoward circumstances that has a adverse effect in the family’s financial health. With the apparent unstable economy, unexpected tax hikes and diminishing financial options, it becomes more apparent that financial survival is a key for a sustainable future.

Dalton, M. A. (2003). External Environmental Analysis. In Personal financial planning: Theory and practice (5th ed., p. 38). St. Rose, LA: DF Institute, Inc. Larsen, K. (2010). Overview of personal financial planning. Professional Development Network, 1(0). Personal.vanguard.com (n.d.). Evaluate your retirement expenses and income. Retrieved April 24, 2013, from https://personal.vanguard.com/us/insights/retirement/nearing/evaluate-expenses-and-income-needs Puelz, A. V., & Puelz, R. (1991). Personal financial planning and the allocation of disposable wealth. Financial Services Review, 1(2). Trochim, W. M., & Linton, R. (1986). Conceptualization for planning and evaluation. Evaluation and Program Planning, 9(4), 289–308. doi:10.1016/0149-7189(86)90044-3 Warschauer, T. (2002). The Role of Universities in the Development of the Personal Financial Planning Profession. Financial Services Review, 11(3).

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How to Create a Personal Financial Plan (And Reach Your Goals Faster)

We all have goals in life – things like starting a business , buying a house, getting married – but money problems often sneak in and prevent us from achieving these objectives.

And so we are left wishing we had done some financial planning to pay for the necessities and to cover any of life’s unexpected events … and we’d still have enough left to put towards our goals.

If any of this sounds familiar to you, then you probably don’t have a financial plan in place.

At its most basic, a financial plan helps you meet your current financial needs and offers a strategy to achieve future financial stability, so you’re able to move forward with your goals.

In this post, you’ll learn everything you need to know about financial plans. We’ll also share an eight-step process to help you create your own personal financial plan, plus a few templates that can help you save money and time.

Post Contents

What is a Financial Plan?

What is a personal financial plan, step 1: review your current situation, step 2: set short-term and long-term goals, step 3: create a plan for your debts, step 4: establish your emergency fund, step 5: start estate planning, step 6: begin investing in your future, step 7: get protected, step 8: keep track of your plan, daily successful living’s financial plan template, smartsheet’s one-page financial plan template, simply stacie’s printable financial planner, financial plan app options, want to learn more.

A financial plan is a roadmap for an individual or a company to reach its goals. 

It takes into your account your existing financial situation and goals, then creates a detailed strategy based on your prioritized objectives, telling you exactly where to spend your money, and when to save. 

Additionally, financial plans help you prepare for the unanticipated by having you set aside a pot of money. When an unexpected job loss , illness or economic downturn occurs, you can rely on these funds to cover your day-to-day expenses. 

Essentially, you can use a financial plan to take control of your money such that you can achieve your goals and ease worries you may have about your wellbeing.

In the past, people had to hire a professional to create a financial planner for them. But with the advancements in technology, you should be able to create one on your own. 

It’s pretty easy with a financial plan template, which you can modify to reflect your own goals, cash flow, etc. You’ll find some handy templates you can use, later in the article. 

A personal financial plan is a documented analysis of your personal finances, including your earnings, liabilities, assets, and investments.

Its purpose is to help you assess the feasibility of your personal goals and to understand the steps that you will need to take – money-wise – to accomplish them. 

Your personal financial plan can stretch over weeks, months or years, based on the estimated completion time of your goals.And you can adjust it at any time to reflect new or changing priorities.

How to Create a Personal Financial Plan in 8 Easy Steps 

Making a financial plan could give you more confidence with your cash. Plus, it means fewer nights worrying about those pesky bills. 

The trouble is many people don’t know where to get started. They worry about things like “how much does a financial plan cost?” and assume they need endless professional support.

The good news? It’s never too late (or too early) to start working on your financial plan. Even better – creating a financial plan isn’t as complicated as you’d think. You can even break it down into 8 easy steps, like this:

Before you start the actual “planning” part of the process, you need to know where your journey is going to start. That means checking out what your financial situation is like right now. 

Honestly, everyone could benefit from investing in more frequent financial checkups, but it’s easy to put off looking at your bank statements.

Think about it – when’s the last time you actually looked at all of your payments for gas, electricity, broadband, and Netflix, and figured out what they add up to?

Grab your last 6 to 12 months of bank statements and highlight every regular outgoing expense in one color, then highlight your irregular expenses in another. 

It might be helpful to categorize these costs into personal and “crucial” expenses. Once you’ve got all the right info in front of you, ask yourself:

• Where can I cut down on spending?
• How much could I save by switching to a different service?
• Do I really need all of my “optional” expenses?

Now you have a starting point for your journey to financial freedom. 

The next step is figuring out where you’re going. This is an important component in your “financial plan for dummies” journey. 

Setting solid goals gives you direction and clarity when making decisions about your finances. Your goals will show you if you’re moving in the right direction. 

Ideally, you’ll need your goals to be S.M.A.R.T. This means they’re:

Don’t just say you want to have more money in your savings. Write down a statement that explains exactly what you want to accomplish, such as:

“I want to have at least $2,000 in my savings account by the end of next year.”

Short-term financial goals, like “I’ll put $100 in my savings next month”, keep you motivated by showing constant progress. Long-term goals give you a more consistent direction to move in.

No-one likes thinking about debts – but these are issues that you just can’t ignore if you want to be financially savvy. Personal financial plans can help. 

You can’t make huge progress with your short and long-term goals if your interest and repayments are weighing you down. So figure out how to pay what you owe first. 

Start by creating a plan to get rid of your most problematic debts. These are the expenses that cost the most due to excessive interest rates and fees. Get rid of those as fast as you can. 

If you’re struggling to handle several debts at once, it might help to see whether you can consolidate everything into one, cheaper loan. 

The bottom line is you need to take action and start working towards being debt-free. Remember, debts include everything from immediate issues, like credit cards, to long-term expenses, like student debt . 

An emergency fund is like a financial safety blanket. 

No matter how “prepared” you think you are, there’s always a chance that some unexpected cost will come and sweep you off your feet. 

Emergency funds protect you against things like unexpected illness, suddenly losing your job, or even just a bill that you forgot to pay. 

While the exact amount of emergency funding you have depends on you, it should generally cover about 3 to 6 months’ worth of your fixed expenses. You can also save enough to cover variable expenses like entertainment and food too. 

Emergency funds are beneficial for anyone. However, they’re particularly important if you’re a freelancer , someone with a poor credit score, or someone with variable income. 

When setting up your personal financial plans, make sure you have an emergency fund in place. 

Estate planning is one of those complicated terms that most people ignore – assuming it only applies to wealthy people, or people approaching retirement . 

However, it’s essential that you think about protecting your family when you’re not around. A proper estate plan gives you total peace of mind. 

Estate plans include:

• Last will and testament
• Healthcare directives
• Power of attorney
• Trust information

This document might also include other clauses for things like final disposition instructions and guardianship nominations. 

Estate planning might not be the best thing you can do with your Friday evening fun-wise, but it will ensure that you’re protected for anything. 

The next step is building whatever wealth you already have, so you’re prepared for the future. You can begin focusing on your savings and making investments. 

You might have different plans to suit your short-term and long-term goals. For instance, your short-term financial plan might cover the steps you’re going to take to build wealth now. Your 5-year financial plan might look at things like retirement. 

Investing for retirement is one of the best ways to ensure that you’re ready to tackle the future. When you begin planning for retirement, you’ll need to consider a few variables like:

• Desired retirement age: When would you like to stop working (be realistic here)
• Desired lifestyle: What kind of lifestyle do you want? Do you want enough cash to do whatever you like? Then plan for that!
• Current health: Health is definitely a big contributor to wealth. If you know health problems are likely for you, make sure you’re ready to tackle the issue. 
• Savings rate: How much are you saving towards the future right now?

If you’re brand-new to investing, seek out some extra support. There are wealth advisors out there that can introduce you to different kinds of investment accounts and vehicles. 

Just as emergency funds protect you from unexpected surprises in life, insurance defends your cash from any unforeseen risks. 

Having the right insurance means that you won’t need to constantly break into your savings every time something goes wrong. For instance, home insurance means that you’re properly protected from things like natural disasters and break-ins. 

Car insurance ensures that if anything goes wrong with your car, you’re ready to jump in and fix the issue – without massive payments. 

Having an emergency fund and making sure you’re insured properly means that you can stay on top of all your savings goals – even when the going gets tough. 

Make a list of all the insurance you might need when planning financial plan components. 

The importance of a financial plan is something you can’t afford to underestimate. 

The more you know about your current financial situation and where you’re headed, the more confident you’ll be in your spending. 

However, getting a financial plan example template and building your own strategy is just the first leg of the journey. You also need to commit to actively tracking your progress. 

Check in every three months or so, and make sure you’re moving in the right direction. A lot can change in your financial situation within just a few weeks. 

Remember to update your plan when significant events occur in your life too. Having a child, getting married, or purchasing a new home will all create new considerations for you to deal with. 

Actively reviewing and updating your plan means that you can enjoy a bullet-proof strategy for reaching your financial goals.

Financial Plan Example [Templates]

While you can create a financial plan from scratch, it’s always easier and quicker with a template. 

Many financial plan template options are available to help you set up a financial plan. All you need to do is enter the details in their fields. You can also edit or remove fields based on the information you have available. 

Even if you don’t want to use templates, these financial plan examples are a good starting point to learn what real-world plans look like and the specific finances you have to include in the document. 

Here are a few templates:

Daily Successful Living offers a simple template you can use to calculate your net worth. 

You can do this by adding up your assets and then subtracting all of your liabilities. 

Once you have estimated your net worth, you can move onto setting some personal goals. 

Smartsheet’s free financial plan template lets you create a concise personal finance plan. 

Use it to assess your current financial situation, create a strategy to reach your goals, and use the plan to track progress. 

You can also include details for estate planning or life insurance if needed.

Simply Stacie’s financial planner allows you to lay it all out – month-to-month – to analyze your monthly spending habits compared to what you budgeted. 

If you’re working towards a goal like, say, saving for retirement, it’ll help you find opportunities to cut back and put the money towards your objective.

Keeping track of your money is difficult, especially when you’re unsure of your spending. 

Fortunately, there are budget apps you can use to stay on top of your finances. 

• Mint : Mint, besides its pleasingly minimal UI, offers a good range of money management tools. These are set around a few different areas, namely expense tracking, credit health, and saving advice tailored to your goals. 
• Pocketnest : Pocketnest teams up with your bank to take you through different themes of financial planning. After you answer a few questions about your financial hitch, the app walks you through each stage of your plan, giving you to-dos along the way to help address any gaps.
• YNAB : YNAB offers bank syncing, transaction matching, goal tracking, and more. It can help you prepare for the future by breaking up larger expenses into more manageable, bite-sized amounts. The best expenses are ones you can easily manage.

Each of these apps make creating a financial plan a lot more convenient. Being able to view your income, expenditures, investments, etc. at a glance helps you jot down details much faster than gathering information from individual accounts.

Financial plans aren’t just for people with high income. Anyone can utilize them to identify their goals and create a plan for achieving them. 

If you create a financial plan today, you would be able to work on achieving your life’s goals strategically. 

It doesn’t matter where you stand. The important thing is that you get to fulfill your ambitions while improving your financial stability.

Do you want to start a side hustle , go on a holiday, retire by 40? You decide and then create a personal financial plan for achieving your purpose.

P.S. Life’s going to throw you curveballs that can affect your financial situation. Rather than accepting them as your fate, battle through them. You have the most powerful weapon of them all – your financial plan!

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Personal Financial Plan and Future Investment Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

The paper will focus on constructing a personal financial plan. The plan will create a picture of the current financial status and plans. Further, it is worth mentioning that the market and economic outlook are quite uncertain. Thus, when creating the plan, assumptions will be made about the future. Besides, the plan will look at the different insurance covers that the client may require before the end of its life expectancy. Finally, a net worth statement of the client will be drawn at the end of the analysis.

The current situation

• The current total assets amount to $30,000.
• There are no liabilities.
• The net worth of the client is also estimated at $30,000.
• There are no working assets.

The objectives and goals

• The client intends to retire at the age of 60 years.
• The annual income after tax is estimated at $2,000.
• The life expectancy of the client is estimated at 90 years. Besides, the client will need income until the last year of life expectancy.
• To become financially independent.
• Minimize the tax liability.
• Maintain the current standard of living in case of an eventuality.
• Maintain a standard of living during retirement.
• Plan and stay ahead of changes in the economy such as inflation.
• Maximize returns and minimize risks of the investments.

Analysis details

• The client is risk-averse, therefore will prefer assets that have low risk.
• The client does not have a living will.
• The client does not have health care powers of attorney.
• The client does not have a will.
• The client does not have durable powers of attorney.
• There are no long-term care assets at risk.
• Finally, the client does not have a Net Estimated Life Insurance Needs Shortage.
• There are no planned educational goals.

The assumptions on the client’s information, various rates, allocation of assets, expenses, and inflation are summarized below.

Table 1: Cash flow statement. The table shows the income and expenses of the client. It also gives information on the net income.

In the table, 44% of the income is spent on housing followed by food & clothing, then health care. At the moment, the client does not have investments and loans. So there are no returns from investment and there are no loan and mortgage repayments. Further, the client has $30,000 to invest. This will be distributed across various assets. The investment will be made in a way that incorporates the risk attitude of the client.

Asset allocation

As indicated above, the client has an annual income amounting to $2,000 and $30,000 in cash. Therefore, asset allocation will focus on investing the amount available in a way that maximizes returns and minimizes risks. The cash will be allocated in the three broad categories of assets. These are cash, stock, bonds, and balanced assets. It is worth mentioning that asset allocation will have a significant impact on investment returns. Further, since the economic and market conditions keep on changing, the client needs to come up with a tactical asset allocation plan that will be responsive to these changes. Therefore, the allocations should not be rigid. Otherwise, the customer may lose on opportunities. Therefore, the $30,000 will be allocated using the proportions shown below.

Table 2 : Allocations. The table gives proportions of how the client should invest the $30,000.

Retirement evaluation

At the moment, the client does not have a retirement plan. One of the goals indicated above is to plan for retirement because the plan will cover life expectancy. The retirement plan will look at tax advantages, taxable investments, Social Security benefits, and other defined benefit pensions. The current income of the client may not reach the intended retirement goals. Therefore, the client may need to increase savings and invest in assets that offer high returns to increase the chances of attaining the retirement target.

The planning for retirement requires a trade-off between current and future spending. The amount required for retirement depends on when income, savings levels, return on investment, government pension, and year of retirement among others. The break-down for retirement is summarized below.

Income required during retirement (30% * 2,000 * 30 years * 2%) = $25,427.66

Income during retirement, ($4,689 * 2% * 30%) = $198,717.20

Income shortage = $0

The calculation above indicates that the revenue that the customer will earn after retirement exceeds the total retirement expenses. Therefore, if the investment is properly done, then there will be no shortage. Besides, there will be no need for having additional assets to fund the retirement. The client can consider taking early retirement, increasing the retirement expenses, buying a home after retirement, or taking more vacations during retirement so that the income can be fully utilized before the lapse of the life expectancy period. The retirement schedule is summarized below.

Table 3 : Retirement schedule. The chart shows the expenses and expected income during the retirement period.

Survivor needs analysis

The analysis is based on the assumption that the client will not have a family or other dependants. Despite not having dependants, the client still needs life insurance to take care of final and funeral expenses. Therefore, the client should consider taking a term life insurance cover. This will just cater to temporary needs that cover only for a specific period. Thus, the cash needs for the life insurance cover is estimated at $1,710.

Long-term care

During old age especially after retirement, the client may require additional custodial or medical care. This can be provided at home, in a nursing home, or at a hospital. Some of the activities that are offered under this care are dressing, bathing, toileting, and eating among others. The client needs to take insurance that will cover costs that are associated with long-term care. The need estimate for the long-term care is shown below.

Estimated annual care cost $500

Approximated years of care 5

Inflation rate 2%

Total $2,602.02

The client needs to take this insurance as soon as possible to reduce future expenses. If the client waits then takes the over at a later date, then it will attract more costs.

Disability insurance

This insurance will be important because it offers protection if the client is unable to meet financial commitments due to an accident or sickness. Thus, it protects the earnings and the assets of the client. Without this insurance, the client might need to find other sources of income that may substitute earnings that might be lost in the event an eventuality occurs. Unfortunately, it may not be possible to find such kind of income that cannot be worn out swiftly. This makes the disability insurance a sure bet for the client. The estimation of income need during a disability is summarized below. The calculations are based on the assumption that the client will be disabled at least five times before 65 years. The disability may last for about 3 months.

Annual income source $5,861.25

Annual expenses $2,287.50

Income surplus $3,573.75

The analysis above covers most of the financial aspects of the plan. It covers asset allocation, retirement, life insurance, long-term, and disability insurance. Apart from the financial aspect, the client also needs to plan for the non-financial aspects. For instance, the client needs to plan for the assets and returns in such a way that they minimize tax liability and maximize any tax benefit that may arise. Also, the client needs to carry out estate planning. This will ensure that the assets of the client are distributed according to their wish. It will also minimize tax expenses. Thirdly, the client may also need to plan for further education. This may increase the chances of earning more income in the future. Based on the discussion above, the insurance needs for the client total $32,027.18. The balance sheet (net worth) statement for the client is shown below.

Balance sheet statement (net worth)

As of April 2017.

Table 4: The balance sheet. It gives information on the assets and the liabilities of the client.

The table above shows that the net worth of the client stands at $30,000. The amount is invested in the four categories of assets as indicated above. The client will start earning income from the investment and grow the asset.

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Specific Steps for Saving

1. make a budget.

• 2. Understand Cash Flow

3. Work With Your Partner

• 4. Distinguish "Want" from "Need"

5. Make It Automatic

6. do a review, 7. look for places to cut, 8. think of the children, 9. start now, 10. enjoy life, the bottom line.

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10 Ways to Effectively Save for the Future

It is much easier and more enjoyable to take the income, the money we have earned and worked hard to receive, and spend all of it every month — purchasing whatever we want and not thinking about the future. The problem, when it comes to money, is that we just aren't planning and putting away enough. According to a study by Ramsey Solutions conducted in the second quarter of 2023, 33% of Americans have no savings at all, and 51% do not have savings of at least $1,000.

That's a pity, because there are so many reasons to save for the future . The future doesn't just have to be retirement — the future is tomorrow. Saving means allowing a break from the paycheck-to-paycheck cycle or allowing for a big purchase down the road, like a vehicle, vacation, or house. Living paycheck-to-paycheck, surprisingly, isn't just something that happens to those earning lower incomes, but to anyone unable to create a budget and follow it, in addition to to making savings goals and reaching them.

Between today and the conclusion of our income-earning days, a lot can and will happen. We might lose our job(s), take a pay increase or decrease, move, or become unable to work. Strategizing about the income we make now to devise plans for the future is one of the best things we can do with our hard-earned money.

Key Takeaways

• Saving sufficiently for the future — defined as either tomorrow or three decades from now — is crucial.
• Key steps for saving include making a budget (with a live-in partner if you have one), reviewing your expenses, and understanding your household's cash flow.
• Other key steps include automating your savings, looking for ways to economize by distinguishing between wants and needs, and setting an example for kids.
• Do remember to build in the occasional splurge.
• The best time to start saving? Right now.

Once you realize the importance of saving and the role that it plays in your life, creating goals is the next step to stay on track. Part of setting financial goals is making sure you can meet them. You can use an online savings calculator, for example, to make sure your needs align with your plan.

Armed with the education and tools to create realistic goals for your money, it is time to find and dedicate the money to reach your goals. 

The first thing you need to do is have a budget and stick to it. This includes being realistic about your household financial situation and setting honest and attainable numbers corresponding to your spending so that you can save. Saying you will save and thinking about saving is not enough. You will have to be intentional about what you do with your money.

2. Understand the Concept of Cash Flow

You need to understand cash flow: what it is, how it works, and what your personal household outgo looks like. Review your income and expenses and see where your spending habits lay. Be intentional about making changes to things you can in order to have money available to save. 

If you are married or live with someone, communication and teamwork concerning your household finances are crucial. To save, you both need to be on board with your desires, plans, and resources. The best-laid plans without everyone on board will meet turmoil. 

4. Distinguish Between "Want" and "Need"

Understand the differences between needs and wants and identify yours. Be able to say no when something doesn't align with your financial goals, today and in the future. 

Automate savings so the money stays. If you wait until the end of the month to save, the likelihood will be that there is not much left to save. Make it automatic and have money deposited straight out of your paycheck, or have a portion go into a savings account whenever you make a deposit. If you have a few savings objectives, you can track the money you put into each account and put it through one account or use a few different savings accounts open for various goals. When you see your savings' growth, you are more likely to keep it there.

"If your employer provides a retirement savings plan, consider contributing to it," said Indraneel Chakraborty , an Associate Professor of Finance at the Miami Herbert Business School. "If your employer does not offer a 401(k) or 403(b) plan, then consider opening a Roth IRA. Invest in these accounts using total market index funds with low expense ratios."

Sometimes we do not even realize what we are spending each month until we examine it. Review everything you pay for. What are you buying that you might not need? If you do need it, is there a way to get it for less?

What expenses or items can you cut to enhance your savings goals? Here are five key areas to review for opportunities to save: energy and utilities, food and groceries, banking and credit card fees, taxes, and auto expenses (i.e., gas and insurance).

Also, take into consideration your children. It is incredibly important to teach them about savings and spending. It is also crucial to set an example: They mirror your behaviors and will take your lead on the role of money in their lives. Some essential lessons include waiting to purchase something you want, saving, identifying specific ways for children to save (such as using jars or envelopes), making wise choices, and understanding that when money is spent, it can not be spent somewhere else.

Remember that, whatever your goal is, start now. Something will always come up and compete for your resources. Saving for the future should stay in the forefront of your mind, and your finances, regardless of whatever else comes around.

Yes, we've been preaching the virtues of discipline, belt-tightening, and resisting instant gratification. But everyone is only human. Recognizing the importance of savings doesn't mean you can't now and again spend on things for fun, relaxation, celebrations, or just for the hell of it. But be sure to build the occasional splurge into your budget.

The above strategies will help you to stick to a budget and save for your goals all while allowing for some budgeted fun. Remember, a goal without a plan is just a wish. Write it down, create the time and opportunity, and make it happen.

Ramsey Solutions. " The State of Personal Finance in America Q2 2023 ."

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6 Steps to Prepare for Your (Financial) Future

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Small steps and helpful tools—like the right savings account (they’re not all made equal)—can help you get ahead.

For those closer to the start of their financial journey, planning for the future can seem daunting, or maybe even unnecessary. But wherever you are in life, it's never a bad idea to take stock of your finances with an eye toward what’s to come. More likely than not, you already have a few of the financial tools at your disposal to set—and keep—you on track for success later on.

Here are six small steps you can take now (that you’ll thank us for later).

Make your money grow with you

Even if you already have a checking account, a  savings account  is an easy way to start allocating money toward your financial goals (and let your money do the work for you). The more you save, the  more you earn . Keep an eye out for savings accounts that won’t charge you any fees and offer free digital tools like SELCO's digital banking  for managing your accounts on the go.

Pay down debt

Do you carry a credit card balance, have an auto loan, or are saddled with student loans? A great way to prepare for your future is to pay down debt—ideally, more than the minimum payments, if you can (even $20 more than the minimum payment makes a difference). To set automatic bill payments each month, try out  Bill Pay in digital banking for effortless monthly payments. If you have one or more credit cards with a high interest rate, consider loan consolidation to a low interest credit card with no balance transfer fees . Or maybe give the  debt snowball or debt avalanche  a try.

Keep tabs on your credit report

Did you know you can access your credit score and report within minutes, for free, in digital banking? Make use of these free resources without damaging your credit score, and check your credit report for anything you don’t recognize.

Create a monthly budget and keep it up to date

With a budget, you can allocate where you want your money to go, set financial goals, and track your spending. It’s important to know where your money is, and there are lots of (free) tools online to help you start your budget (for instance, within SELCO Digital Banking or from the personal finance app EveryDollar ). Whichever method you choose (even if it’s tracking spending in a spreadsheet or a notebook), the best time to start budgeting is now.

Start your emergency fund

If we’ve learned anything from the past couple years, it’s to expect the unexpected. If an emergency fund wasn’t already on your list of financial goals, add it. Since you may be just starting your emergency fund, don’t feel pressured to go overboard on allocating hundreds (or thousands) each month right away. Put in as much as you can each month and over time, you’ll watch that fund grow. It may even be helpful to set up a separate savings account, so you’re not tempted to dip into your emergency fund.

Expand your financial knowledge

Knowledge is power, and the more you know about finances, the better equipped you’ll be to start making confident financial decisions and prepare for your future. Want to finally figure out the difference between  APR and APY ? Learn how a credit score is calculated? Visit resources like  SELCO’s Financial Education Blog ,  NerdWallet , and  Investopedia  for free videos and articles on keeping your finances in tip-top shape.

Taking steps to prepare for your future doesn’t mean you have to take all the fun out of the present. With your savings tools and new budget in tow, you’ll be able to set aside funds for your favorite takeout order or occasional online shopping spree with all of the confidence and none of the guilt

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Home — Essay Samples — Economics — Money — My Current Financial Situation and Financial Plan

My Current Financial Situation and Financial Plan

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Words: 1700 |

Published: Mar 28, 2019

Words: 1700 | Pages: 4 | 9 min read

Works Cited

• Chase. (n.d.). Student Checking. Chase Bank.
• Credit.com. (n.d.). What is a Credit Reporting Agency?
• Equifax. (n.d.). About Equifax.
• Experian. (n.d.). What is Experian? https://www.experian.com/about-experian/index.html
• FICO. (n.d.). About FICO.
• HealthCare.gov. (n.d.). Health insurance basics. https://www.healthcare.gov/using-marketplace-coverage/getting-started-with-health-insurance/health-insurance-basics/
• Investopedia. (2022, March 31). The Pros and Cons of Leasing vs. Buying a Car.
• Investopedia. (2022, April 6). Tenancy in Common (TIC).
• Policygenius. (n.d.). How life insurance works. https://www.policygenius.com/life-insurance/how-life-insurance-works/
• ValuePenguin. (n.d.). How Much Does Car Insurance Cost?

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Future Plans Essay

500+ words future plans essay.

Everyone has dreams and plans for the future. In our childhood, we dream of becoming a doctor, an engineer, an astronaut, etc. It’s we who really know best what we like. We know what we want in our life. Future plans can be different for different students. Below is just a sample essay that students can use for reference. This future plan essay will help students to write an effective essay on their future plans. They can also get the list of CBSE Essays on different topics for their practice. It will boost their score in English exams and also help them to participate in various essay writing competitions.

My Future Plan

I often wonder about my future as I am about to finish my schooling. There are a number of questions in my mind, and the one which mostly revolves around my mind is which profession I should choose. It is difficult for me to make a choice because I am aware that the decision will impact my entire life. I always dream of a profession that I can enjoy, that brings a challenge to me and satisfies me. I believe in a job that is like a hobby for me. I just don’t want to do the job to make money. Instead, I want to love my profession and duty. Also, my job should be such that I contribute to society and help people.

From my childhood, I always wanted to treat people and cure their diseases. So, to fulfil this dream of becoming a doctor, I have some future plans. Firstly, I have to complete my secondary schooling. Then, I have to complete my higher secondary education, and thereafter, I would like to study in a prestigious medical college and later become a doctor.

Studying medical science takes a long time. It is a difficult course and requires a tremendous amount of hard work and patience. I hope that I will be able to meet all the challenges and complete my studies well. After the completion of my studies, I would like to work in a hospital, so I can make my dream come true.

During my studies, I will have to work on different biology projects. The experience of working on these projects will give me insight into science and help me in becoming a good doctor. In addition, I also have to develop patience and diligence. During the summer vacations, I will have to work under a good doctor as an assistant nurse. It will help me to get real-life experience of how doctors work. Moreover, the learning will help me to deal with patients, nurses, doctors and staff of the hospital. It will be the best kickstart for my career as a future medical student.

As for now, I am focusing on my studies and looking forward to completing my schooling. I do have a future plan for my family. But, before that, I would like to travel the world. I want to visit different countries like America, Finland and London and travel to all the continents. After finishing my education and going on a world trip, I would like to settle down in my life. So, I will get married and would love to have a small family. I would like to have a small home in a natural and calm place where I can live and enjoy myself with my family.

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How to Write an Essay About My Future Plans

• What Is An Essay About My Future Plans
• Importance Of Future Plans Essay

Getting The Best Future Plans Essay

• Catchy Titles For An Essay About My Future Plans

Starting Future Plans Essay

Writing body paragraphs.

• Writing Conclusions For A Future Plans Essay

Finalizing Essay

• Short Example Of A College Essay About My Future Plans

What Is an Essay About My Future Plans?

Future plans essays are written documents that present your goals and aspirations in life. It should showcase your end goal and how you aim to achieve it. It gives a deeper insight into you as a person and the direction in life you want to take. It can include resolutions about your career path, your settling plans, or your financial plan. It can be a powerful tool for bringing our dreams to reality. The bigger you think, the bigger you plan, the more chances there are for you to become what you want.

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Importance of Future Plans Essay

“Winging it” might sound like an excellent mantra for today’s generation, but in an ideal world, you must remain practical. In present times, we are all hustling to become the best version of ourselves, to improve our standard of living in the future. However, that is not possible unless you sit down and think about future plans properly, way ahead of time. It is only if you have the plan sorted out and the strategies in place that you can meet your intended and desired goals. Besides, you are working to save yourself a significant amount of time, money, and hard work. If you are sure about what you want from life, there is no getting sidetracked. You will be motivated to work towards your goal. Otherwise, you might end up wasting the prime years of your life trying to figure out your plans for the future. One excellent way is to encapsulate your ideas in essay form. It will also be helpful to you while applying for colleges and universities.

Catchy Titles for An Essay About My Future Plans

• Where do I see myself in the next ten years?
• A note to my future self
• A recipe for future success
• A blueprint for my plans
• A guide for a perfect future
• A conversation with my older self
• The milestones I want to achieve
• Engineer in the making
• My strategic career action plan
• Plan my future 101

Do not jump directly into writing; start with an outline instead. It is pretty easy to be forgetful about things when your mind is occupied while writing. If you face the issue of getting sidetracked midway through your writing, it will be solved. By following a blueprint, you will be including the details that are entirely relevant to your essay. You will see the bigger picture from the very start instead of just going with the flow. It might seem unnecessary and a waste of time, but an outline can save you a significant amount of time in the end. Also, the quality of future plans and goals essay will not be compromised. Why is that? Well, you will be jotting down all the significant points in advance so that when you start writing, no idea is missed.

Outline writing

“What are your plans for the future” is an essay written without an outline that is likely to be cataclysmic. Always begin your essay writing process by forming an outline that stays in line with the topic. For instance, when attempting a “what are future plans” essay, jot down all the points in chunks. So, your financial goals will fall in a different cluster than your family plans. Let’s just cut to the chase; you need to brainstorm first. Next, group the points that are somehow related. Give headings to those clusters, and voila, you have an outline!

Tips concerning writing a Future Plans essay introduction

A boring introduction is likely to provoke your reader to grab a coffee mug. Nobody wants that. Try to start with an engaging hook. In this case, you are writing about “what are your plans” and writing something lively. It will send good vibes to the reader as they will unconsciously receive the idea that your plans must be excellent. Next, give a background about your past achievements. Do not get carried away. This paragraph needs to be holistic yet short and crisp. The last line of your introduction part must serve as a bridge to the first body paragraph. Try to check a future plan example essay before you start with your essay.

Keep a strict check on the length of body paragraphs as they must be equal. Divide your plans for the future into several chunks. Every paragraph must be dedicated to one central area. The last line of each one should be written so that the reader does not feel in a different realm when they get to the next paragraph. Remember, your words must help the reader spiral down smoothly to the conclusion. So, transition words and connectors will help a lot.

Writing Conclusions for a Future Plans Essay

Now, most of you might have developed the habit of writing a conclusion carelessly. It is always treated as a foster child in the world of writing by many. Do not repeat this. Keep it as breezy as you wrote your introduction paragraph. A summary of your plans will not do justice. Instead, highlight the main points and end your essay with a positive future-oriented note. Before writing this essay, check out some future plan examples and not forget to see how people make future plans.

The last finishing touches before finalization of your essay require you to edit your work to perfection. Here it would help if you were doing the following:

Essay Revision

Revise your work for any structural or organizational problems. It means checking your paragraphing and the way you have used transitions throughout. Look out for instructions like the word count and formatting, and make sure you have done what is expected.

Essay Proofreading

It is a practice of going through your work again to identify any surface mistakes. These include typos, spelling mistakes as well as grammatical ones. You can take help from editing tools like Grammarly or turn towards a reliable friend to provide an unbiased and unfiltered review of your essay on future plans in life.

Make Citations

Finally, if your work demands you to insert references from other sources, do not forget to include them at the end of your essay about the future. A failure to do so, in that case, can mean a reduction in scores.

Short Example of a College Essay About My Future Plans

My Future Plans Essay

It is said that the future is unpredictable. However, it does not mean that we cannot prepare and make plans for it. Having plans are like motivators; they guide us all along. I happen to have a clear set of goals and aims. It does not stop here, as there are plan Bs and Cs too. Being a college student, I am open to the thought of having much turbulence in life.

My education and career goals are somewhat elaborate. I want to get a business degree from the finest business school out there. In the long term, I expect to become a marketing manager. For this reason, I have started working as an unpaid intern in several marketing departments to get experience. Other than this, I am also offering free sales services. It will polish my negotiation skills as I ultimately want to be someone who runs a department.

Apart from the financial goals, I plan to visit the Grand Canyons. The adventurer inside me wants to experience an adrenaline rush in the wild. The plan does not end here as the mountaineer inside me wants to attempt a climb at Annapurna. I have been practicing mountain climbing all my life, which I have been looking forward to. Next year, I plan to visit Dubai. The famous base jump from Burj Khalifa is on my bucket list.

Speaking of the bucket list, I want to marry jill, my fiancé. We have been planning our wedding since forever. A house in the suburbs, two beautiful kids, and peaceful life is what I want. To give my family complete attention, I have started investing my savings in multiple businesses. So, in the long term, I will not have to worry about supporting myself and my family. Like the other adventures that I have planned, I want to go on multiple vacations with my family.

Future planning has helped me stay positive. It has aligned everything that I do with the more significant goals. Without this bucket list, I would have never wanted to work as an intern. The hustler inside me wants to go on all of the adventures, from the base jump and Annapurna to hosting a birthday party for my 2-year-old. My plans are huge yet achievable, and the catch is that I have to take every step mindfully and stay determined.

You should be confident enough by now to write a future planning essay by yourself. Although, there are other ways to go about it as well. These can make your life slightly more manageable. What are they? Let’s find out:

Buy Pre-written Essay Examples On The Topic

The widespread use of the internet has been changing lives globally. You can also benefit from it in this regard if you are still struggling with the idea of how to write a future plans essay. Use online writing services to acquire professional assistance for helping you come up with a plan. There are several options that you can avail of. However, you need to be careful while making your pick. Choose a website that is reliable and credible. One such option is EssayZoo. You can purchase pre-written essays to get fresh ideas if you are not sure about your plans.

Use EduJungles To Write Your Essay From A Scratch

Another technique for acing this task is to assign the professionals with precise requirements and wait for them to customize the essay just for you. Go to Edu Jungles and ask them: "Who will help me write my paper in an hour ?". They will ensure keeping your choices in consideration while crafting your essay. This way is a little bit more fitting, keeping in mind that an essay about the future is very personal and varies from person to person.

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More From Forbes

4 ways to take action rather than rationalize your retirement hurdles.

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I will find something to do that will help with the bills, is one of many irrational ... [+] rationalizations we make to reduce retirement preparedness stress.

Retirement waits for no one; it's coming fast for the youngest Baby Boomers and oldest Gen-Xers. The stark reality is that many people are not ready, and studies show that more than half of us wish we’d saved more and had a solid retirement plan. With retirement looming, financial stress is a constant companion for 57% of people, according to PwC , and 63% of us can’t cover a $500 emergency expense, let alone think about retirement.

One natural stress response is what psychologists refer to as a defense mechanism—chief among them is rationalization. Rationalization is when we cope with something that causes us discomfort by justifying our actions (or inactions) with what appears to be a logical strategy or story to move forward.

We all rationalize every day for all types of issues.

In the quintessential Boomer movie The Big Chill , Jeff Goldblum’s character says, “Don't knock rationalization; where would we be without it? I don't know anyone who could get through the day without two or three juicy rationalizations. They're more important than sex.”

With all due respect to that iconic life observation, rationalizing retirement preparedness only relieves stress temporarily. Here are five retirement irrational rationalizations we often tell ourselves and how each of those stories may act as stress relievers but delay us from taking action to prepare for life tomorrow.

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Wwe raw results winners and grades as bray wyatt stable debuts, fujifilm introduces new instax wide 400 camera after ten year wait, i am going to work longer.

Working longer can certainly help financial security in retirement by adding income to savings and reducing the years drawing down on retirement income. However, our rationalization to work longer, which may be a real desire, can be derailed. Our health or the health of a loved one may make working full-time or even part-time difficult or impossible. Counting on this plan is risky business.

I Will Find Something Simple To Do That Will Help With The Bills

Robots may fill in jobs typically done by retirees looking for part-time work.

Many people choose to retire but believe they will continue to work. Not necessarily in the profession they have pursued for decades, but something here, something there for something extra. Something simple may be harder to find. Artificial intelligence is creeping into every part of the job market. Recently, I spotted a grocery store sign notifying shoppers that “Marty” was on duty to report spills, debris, and other hazards that may be in the store's aisles. Unsaid, but it was clear that Marty was also watching for shoplifters. The thing is, Marty is not a retiree making a few extra bucks. Marty is an AI, a robot. From what I could tell, Marty isn’t looking to share his shifts. Finding something simple to do may not be as simple as many of us may hope.

I Will Figure It Out

The adage “I’ll cross that bridge when I come to it” is one of the most common retirement rationalizations. This also assumes relatively stable expenses in older age. Many people figure it out but also confront retirement shocks that disrupt retirement. Healthcare costs, home maintenance, and repair, and transportation costs may not necessarily ruin retirement security in the near term but may increase longevity risk – that is, where your lifespan is longer than your wealth span – forcing many retirees to reduce their daily expenses and quality of life.

My Parents Were Able To Do It

Yes, in many instances, our parents could make retirement work. Mostly, they also had pensions and a steady retirement income stream that few younger Boomers and older Gen-Xers will enjoy. Many of our parents did not live as long as the next generation of retirees may. Moreover, no one can argue that Boomers or Gen-Xers are as willing as the Silent and World War II generations to live frugally.

I Will Cut Back On My Expenses

Research indicates that the average retiree household cuts back on expenses while wealthier families tend to hold expenses steady. For those already living on tight budgets, what to cut becomes a challenge with real implications for well-being. For example, according to a Kaiser study , about half of people age 65 and older have not seen a dentist in over a year. Such a decision is less about showing off those pearly whites than the health implications that often accompany poor dental care.

Financial stress will likely increase as the last wave of Boomers and oldest Gen-Xers approach retirement. While rationalization may serve as a temporary salve to reduce the discomfort of not being retirement ready, taking action, even a little bit, will make you feel better and move you closer to the retirement you hope for. Here’s how.

Take Small Steps

Psychology research shows that even taking small steps can improve a sense of control. This might include speaking with an employer-provided retirement specialist or, for some, engaging with a financial advisor to do a retirement reality check.

Go For Small Wins

Taking small steps may lead to small wins that will reduce stress. For example, developing a retirement plan reduces uncertainty about what to do today and what may happen tomorrow.

Take Strategic Actions

Translating the plan into more strategic actions may include changes in spending behavior today and exploring investment options such as annuities, insurance, mutual funds, or other products that may reduce the feeling of stress but are very likely to move you into real and predictable financial security in older age.

Make Progress

Finally, taking action will likely lead to a cycle of good news and progress – that feedback will likely lead to a heightened sense of control, reduced stress, and fewer retirement rationalizations. Moreover, taking action will move you closer to your desired retirement rather than the one you fear.

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Having a plan can pay off. Sign into Wealth Plan to create yours.

Plan for the future you with J.P. Morgan Wealth Plan℠ , a free digital money coach available in the Chase Mobile ® app or at chase.com.

Not a Chase or J.P. Morgan customer? Open an account .

Plan, budget, save and invest—all in one place

360° view of your finances.

Wealth Plan helps you track your money automatically every day, so you can stay on top of your financial life.

Real-time goal tracking

Prioritize your goals and adjust them as your needs change so you can map out a plan to reach them.

Step-by-step guidance

Get personalized tips about your next best step for everything from budgeting to retirement planning.

Advice, when you need it

Wealth Plan makes it easy to schedule a meeting with an advisor and collaborate on your plans right in the Chase Mobile ® app.

Here's how Wealth Plan can help you prepare for the future

Focus your efforts.

With a complete overview of your finances, Wealth Plan can help you prioritize your future. Saving for a major purchase, paying for college or planning to retire? Wealth Plan helps you create a game plan to reach your goals.

Break down milestones inch by inch

As you put your plan into action, Wealth Plan suggests the steps to help keep you moving forward and dynamically updates your dashboard in real time—so you know where you stand.

Make decisions with more confidence

Wealth Plan lets you go beyond just setting your financial goals—explore "what if" scenarios with our goal simulator and see how different choices could affect your financial future.

IMPORTANT: The projections or other information generated by Wealth Plan regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

Collaborate with your advisor

Wealth Plan is part of a collaborative suite of tools that you and a J.P. Morgan Advisor can use to track your progress, adjust your financial strategy and create a plan—you can even schedule a meeting right in the Chase Mobile ® app or at chase.com.

Don’t have an account yet?

Open an account today to get access to Wealth Plan, J.P. Morgan Research, custom watchlists, investment screeners and much more.

Invest on your own

Build your investment portfolio on your own with unlimited $0 commission online trades. Footnote 1 Opens overlay

Invest with our advisors

Work 1:1 with a J.P. Morgan advisor to receive tailored guidance and build a financial strategy based on what’s important to you.

Compare ways to invest

Do more with our award-winning digital experience

Smart money award for financial literacy.

Wealth Plan was awarded one of Real Simple’s 2023 Smart Money Awards for the “financial literacy” category.

Best Digital Initiative and Best use of Technology

Wealth Plan received the Best Digital Initiative and Best Use of Technology in Wealth Management in the 2023 Banking Tech USA Awards.

#1 New Tool

Wealth Plan was named the #1 New Tool in StockBrokers.com’s 2024 Annual Awards, which recognize the best online brokerage and trading platforms.

Frequently asked questions

What are the fees associated with using wealth plan.

Wealth Plan is free for Chase customers.

Will Wealth Plan provide financial guidance or investment recommendations?

No, Wealth Plan does not provide specific investment guidance or recommendations. Schedule time to speak with a J.P. Morgan Advisor for personalized guidance.

What is Wealth Plan?

Wealth Plan is a new digital money coach with a suite of tools that allows all Chase customers to 1) get a full picture of their financial situation at Chase and other financial institutions 2) prioritize and track their financial goals, with the ability to establish a relationship with a J.P Morgan Advisor and 3) get insights on their financial situation and goals.

Where can I find Wealth Plan?

Wealth Plan is available on the “Plan & track” tab in the Chase Mobile ® app and Chase.com.

What are the key features of Wealth Plan?

Wealth Plan offers a suite of tools for Chase customers including linking external accounts for a full picture of their finances, spending summary, net worth, net income and spend, financial goals, budget and the ability to connect with a J.P. Morgan Advisor.

Who can I speak with to learn more about Wealth Plan?

You can schedule a meeting with a J.P. Morgan Advisor directly in the Chase Mobile ® app or visit your local Chase branch.

How do I add my external accounts to Wealth Plan?

You can link your non-Chase bank accounts manually or automatically in Wealth Plan. Simply click on "Link external accounts" on the “Plan & track” tab, search for your financial institution and log in using your credentials or click the "Manually link an account" to add the balance of your non-Chase account without logging in.

Do I need to have an advisor to access Wealth Plan?

No, Wealth Plan is available to all Chase customers with or without a J.P. Morgan Advisor relationship.

Sharpen your knowledge with the latest news and market commentary

Tap into the latest news and subscribe for market commentary and analysis from J.P. Morgan specialists to help you plan your investment strategy and learn about opportunities.

Ready to get started?

Access our Wealth Plan experience anywhere, anytime in the Chase Mobile® app. Don't have an account? Open one today.