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Creating a financial plan
Planungab 9 J.
Your personal financial plan in 5 steps: record your income, analyse your spending, set goals, create a budget and review it regularly.
Your financial plan in 5 steps:
Step 1: record your income. Salary, child benefit, side job, other income. Monthly net amount.
Step 2: analyse your spending. Track all expenses for 3 months. Separate fixed costs (rent, insurance) from variable costs (food, leisure).
Step 3: set goals. Short term (emergency fund, 3-6 months), medium term (holiday, car, 1-5 years), long term (property, retirement, 5+ years).
Step 4: draw up a budget. Use the 50-30-20 rule as a guide. Automate your savings rate with a standing order.
Step 5: review regularly. Once a quarter: am I on track? Do I need to adjust? A new goal?
Did you know? Only about 15% of Germans have a written financial plan. People with a plan save 2–3 times more on average than people without one.
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