--- title: Do You Have a Personal Financial Plan? description: Personal financial planning is crucial when organizing your individual financial goals. Setting realistic goals and making a strategy on how to achieve them will ensure your success. image: http://www.4tfg.com/hubfs/Blog/Do-You-Have-a-Personal-Finance-Plan-.jpg --- [![4thought\_footer-logo.png](https://www.4tfg.com/hs-fs/hubfs/4thought_footer-logo.png?width=335&height=101&name=4thought_footer-logo.png "4thought_footer-logo.png")](https://www.4tfg.com/) - [![4Thought Financial Group](https://www.4tfg.com/hubfs/4thought_footer-logo.png)](https://www.4tfg.com/) [![4Thought Financial Group Compass](https://www.4tfg.com/hubfs/4Though-Compass.png)](https://www.4tfg.com/) - [About 4Thought](https://www.4tfg.com/investment-methodology) - [Our Investment Methodology](https://www.4tfg.com/investment-methodology) - [Management Team](https://www.4tfg.com/management) - [In the Media](https://www.4tfg.com/media) - [Contact](https://www.4tfg.com/contact) - [Services](https://www.4tfg.com/investing) - [Private Individual Investing](https://www.4tfg.com/investing) - [SMAs for RIA /Institutional /Family Office](https://www.4tfg.com/financial-advisors-and-institutions) - [Services for CPAs](https://www.4tfg.com/cpa-investing-services) - [Private Wealth Management](https://www.4tfg.com/wealth-management) - [Retirement Plan Services](https://www.4tfg.com/retirement-plan-services) - [Resources](https://www.4tfg.com/resources) - [Financial News](https://www.4tfg.com/resources) - [Portfolio Review](https://www.4tfg.com/portfolio-review) - [Investment Performance](https://www.4tfg.com/performance-requests) - [CPA Continuing Education](https://www.4tfg.com/cpe-continuing-education) - [FAQs](https://www.4tfg.com/faq) - [FAQs](https://www.4tfg.com/faq) - [Contact](https://www.4tfg.com/contact) - Log In - [Goldman Sachs Accounts](https://custodysolutions.gs.com/client-app) - [Wealth Management](https://wealth.emaplan.com/ema/SignIn?ema) - [Consolidated Reporting](https://client.myadvisorlink.com/auth/users/webportal/4tfg) - [Retirement Plan Services](https://www.4tfg.com/rps-login) - - Log In - [Goldman Sachs Accounts](https://custodysolutions.gs.com/client-app) - [Wealth Management](https://wealth.emaplan.com/ema/SignIn?ema) - [Consolidated Reporting](https://client.myadvisorlink.com/auth/users/webportal/4tfg) - [Retirement Plan Services](https://www.4tfg.com/rps-login) ## 4Thought Investing Resources ## 4Thought Investing Resources [Financial News](https://www.4tfg.com/resources/) [Investment Strategy](https://www.4tfg.com/resources/topic/investment-strategy) [Personal Finance](https://www.4tfg.com/resources/topic/personal-investing) [Business Finance](https://www.4tfg.com/resources/topic/business-finance) [For Professionals](https://www.4tfg.com/resources/topic/financial-professionals)[Compass and Crosshairs](https://www.4tfg.com/resources/topic/compass-and-crosshairs) SUBSCRIBE Subscribe for free tips and articles to help you lead a smarter financial life. [Financial News](https://www.4tfg.com/resources) ,[Financial Planning](https://www.4tfg.com/resources/topic/financial-planning) # Do You Have a Personal Financial Plan? Personal financial planning is crucial when organizing your individual financial goals. Setting realistic goals and making a strategy on how to achieve them will ensure your success. \[fa icon="calendar"\] May 30, 2017, 9:14:37 AM by [4Thought Financial](https://www.4tfg.com/resources/author/4thought-financial) ![Do You Have a Personal Financial Plan?](http://www.4tfg.com/hubfs/Blog/Do-You-Have-a-Personal-Finance-Plan-.jpg) Info Sheet - PDF Download [![](https://www.4tfg.com/hubfs/Collateral/Wealth-Management.png "Wealth Management and Financial Planning")](https://www.4tfg.com/hubfs/Collateral/Wealth-Management.pdf) ### **Wealth Management by 4Thought Financial Group** "The comprehensive wealth management we provide involves the coordination and execution of four different types of financial planning: Investment Planning, Estate Planning, Business Succession Planning and Fringe Benefit Planning." [View the PDF](https://www.4tfg.com/hubfs/Collateral/Wealth-Management.pdf) [Save the PDF](https://www.4tfg.com/hubfs/Collateral/Wealth-Management.pdf.zip) [*Learn more about Wealth Management and Financial Planning*](https://www.4tfg.com/wealth-management) Whether you're saving for something important or simply trying to cut down on unnecessary spending, a personal finance plan can help you achieve your goals. It allows you to see where your money goes and find ways to make it work harder for you. Here are some tips for making a personal financial plan for yourself or your family. ## *Define Your Goals* The first step in making a personal financial plan is to work out what you want out of life. For example, do you dream of watching your kids graduate college? Or is early retirement your number one priority? Perhaps you simply want to get out of debt? Your goal will drive all aspects of your [financial plan](https://www.4tfg.com/wealth-management), so it's important to define it now. ## *Make a Budget* Once you've defined your goal, you need to start putting money aside so you can make it happen. That means cutting the unnecessary expenses. Begin by tracking your expenses using a spreadsheet or app to find out what you spend money on each month. Once you know what you currently spend, make a plan to cut certain categories, such as food and entertainment. For example, you could start cooking from scratch instead of eating out, or cancel that satellite TV subscription you rarely use. ## *Create an Emergency Fund* No matter what your long-term goal is, you need an emergency fund to cover situations that pop up unexpectedly. Without an emergency fund, you'll find yourself dipping into your retirement account or taking out a payday loan when your car breaks down, which is an inefficient way to manage your money. Use an instant-access savings account to build up an emergency fund, which should ideally cover between [three and six months](http://www.goodfinancialcents.com/financial-planning-basics/) of living expenses. ## *Save for Long-term Goals* Once you have an emergency fund in place, it's time to think about the future. [Retirement accounts](https://www.4tfg.com/resources/consolidate-your-retirement-assets-retire-comfortably) offer an efficient way to put money aside for retirement and have it grow and grow. Many banks also offer long-term savings accounts that you can use to build up a college fund for your child. Whatever your savings priority, it's a good idea to set up your accounts so that a certain percentage of your salary is automatically paid into savings. ## Was this article helpful to you? ### Subscribe to our newsletter for free tips and articles to help you lead a smarter financial life. ### Related posts [![Understanding Risk in Investing - Part 3 - Investment Methods and Risk Premiums](https://www.4tfg.com/hubfs/Understanding%20Risk%20in%20Investing%20-%20Part%203%20-%20Investment%20Methods%20and%20Risk%20Premiums%2010-13-20%20-%20Thumbnail.jpg)](https://www.4tfg.com/resources/understanding-risk-in-investing-part3-0-1-0) [![Understanding Risk in Investing - Part 2 - Modern Portfolio Theory Quantitative Tools and Statistics](https://www.4tfg.com/hubfs/BaseCamp_Archive/attachments/332823384-all-with-graphic.png)](https://www.4tfg.com/resources/understanding-risk-in-investing-part2-0-1) [![Understanding Risk in Investing - Part 1 - Common Types of Risk and Risk Management Tools](https://www.4tfg.com/hubfs/Understanding%20Risk%20in%20Investing%20-%20Part%201%20-%20Common%20Types%20of%20Risk%20and%20Risk%20Management%20Tools%2010-12-20%20-%20Thumbnail-1.jpg)](https://www.4tfg.com/resources/understanding-risk-in-investing-part1-0) ## Leave a Comment ### Search 4tfg.com This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. ### **What Type of Investor Are You?** You have unique investment goals. 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Information throughout this site, including, but not limited to, stock quotes, charts, articles or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. Neither we nor our information providers shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY LINKED WEBSITE. Any opinions presented here are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. \*4Thought Financial Group claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. The GIPS firm definition excludes any third party asset management programs over which 4Thought maintains oversight advisory agreements on behalf of its clients, any arrangements under which 4Thought provides recommendations for client self-implementation, and any assets under advisory but not under direct management (in which 4Thought provides allocation changes or trading signals to third party firms but does not take discretion over the trading of client accounts). GIPS-compliant performance information for 4Thought's strategies may be obtained by email at [info@4tfg.com](mailto:info@4tfg.com); on the 4Thought website at [https://www.4tfg.com/performance-requests](https://www.4tfg.com/performance-requests); or by phone at (516) 300-1617. ```json { "@context" : "http://schema.org", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "", "addressLocality" : "Syosset", "addressRegion" : "New York", "postalCode" : "11791", "streetAddress" : "6851 Jericho Turnpike Suite 120" }, "alternateName" : "4 Thought Financial Group", "areaServed" : { "@type" : "GeoCircle", "geoMidpoint" : { "latitude" : "+40.8100713", "longitude" : "-73.5172286" }, "geoRadius" : "150 km" }, "description" : "Personal financial planning is crucial when organizing your individual financial goals. 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