Financial Planning Tips
Financial Advice

5 Steps to Financial Planning

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Virginia Vich
Managing Partner & Financial Coach
VxV Consulting

Hi Miami Mompreneur!  Can you believe we are in March already?!  Who has stuck with their New Year Resolutions???  How many of you set financial goals for yourselves and your family?  How’s that going?  

Here’s the bad news…financial planning may seem boring and overwhelming.  The good news – I get it! Mompreneurs are unique and I think our approach to managing our personal finances should be as well.  Here’s are a 5 steps to financial planning.  

1. Let’s define your goals Goals can be short term and long term. Think about what you want your future to look like.  How do you envision life in your 60s, 70s and so on?  Where would you like to be living and how do you see yourself spending your days?  

2. Gather all of your data to be analyzed and develop a plan You do not have to start with long term goals.  Sometimes it may be easier and less overwhelming to start with short term goals and work your way towards the longer term.  For example, you may want to plan to purchase a home in the next 3-5 years and at the same time start planning towards your retirement, which may be a longer term goal of 20 or 30 years. 

3. Implement your plan Sometimes this may be the most difficult part of the process but it does not have to be.  Make your plan realistic and achievable. Set goals and hurdles you are comfortable with and within your budget.  

4. Start saving now Whether it’s a 401(k) from a previous employer, an IRA you have established, or a savings account, having a savings plan is essential for your retirement.  Do you have an emergency fund… and I do not mean a credit card!  Start with small steps to build towards this.  

5. Don’t be shy!  Ask for assistance and check in! Working with a professional who has vast experience is a must in order to help you make informed decisions, design a custom plan with you and ensure you are on track to achieve your goals.  Even when you think you are set, you still need to check in from time to time because let’s face it, life happens!  We change jobs, get married, start a family, our financial circumstances change and therefore so should our plans.  

Now that you know the 5 steps of financial planning, you can apply them to any area of personal finance, including insurance planning, tax planning, cash flow (budgeting), estate planning, investing, and retirement.

Are you looking to start now? Click below to get a complimentary consultation:

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Virginia Vich is the Managing Partner at VXV Consulting. With over 18 years of experience, Ms. Vich can help you achieve your financial goals. Contact info: 305.972.1415 | |