11.5 Action plan

From: Financial Consumer Agency of Canada

In this section:

11.5.1 Five steps to financial planning success

In this module, you've learned a lot about financial planning. Now you can put your learning into practice. Use this Action plan to track your progress as you take the next steps to manage your financial planning, now and in the future.

Use the checklist below to review your overall financial status and financial planning. If there are areas you need to improve, write down what steps you can take to get control of your finances and work toward your goals.

Action plan checklist

My documents - Check that you have the records you need, they are up-to-date and well organized.
	Does not apply	I'm OK	Needs work	Crisis
Income records	Does not apply	I'm OK	Needs work	Crisis
Spending plan	Does not apply	I'm OK	Needs work	Crisis
Budget	Does not apply	I'm OK	Needs work	Crisis
Savings goals and plan	Does not apply	I'm OK	Needs work	Crisis
Banking accounts	Does not apply	I'm OK	Needs work	Crisis
Credit cards and debt records	Does not apply	I'm OK	Needs work	Crisis
Mortgage records	Does not apply	I'm OK	Needs work	Crisis
Insurance records	Does not apply	I'm OK	Needs work	Crisis
Investing records	Does not apply	I'm OK	Needs work	Crisis
Pension records and retirement plans	Does not apply	I'm OK	Needs work	Crisis
Tax records	Does not apply	I'm OK	Needs work	Crisis
Will and estate planning	Does not apply	I'm OK	Needs work	Crisis
My financial goals Refer to Budgeting to reach your goals in the Income, expenses and budget module.
I've identified my short-term goals and the money I need to achieve them.	Does not apply	I'm OK	Needs work	Crisis
I've identified my mid-term goals and the money I need to achieve them.	Does not apply	I'm OK	Needs work	Crisis
I've identified my long-term goals and the money I need to achieve them.	Does not apply	I'm OK	Needs work	Crisis
My financial values, emotions and behaviours Refer to Emotions, habits, behaviours and your money in the Saving module.
When I make important financial decisions, I think about how my financial values, emotions, behaviours and personal relationships help or hinder my goals.	Does not apply	I'm OK	Needs work	Crisis
I reinforce the values, emotions and behaviours that help me reach my financial goals.	Does not apply	I'm OK	Needs work	Crisis
I'm working to diminish the values, emotions and behaviours that make it harder to reach my financial goals.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Income and expenses Refer to the Income, expenses and budget module.
I track my income and expenses well enough to see quickly when I'm off my budget.	Does not apply	I'm OK	Needs work	Crisis
I check my budget periodically to see if it needs updating.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Banking and savings Refer to the Banking and Saving modules.
I have set up the banking accounts and tools I need to manage my money at the lowest possible cost.	Does not apply	I'm OK	Needs work	Crisis
I check my account records for errors at least once a month.	Does not apply	I'm OK	Needs work	Crisis
I save regularly for an emergency fund.	Does not apply	I'm OK	Needs work	Crisis
I save regularly for my financial goals.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Debts and mortgages Refer to the Credit and debt management and the Mortgages module.
I work to pay down my credit card and similar debts as quickly as possible.	Does not apply	I'm OK	Needs work	Crisis
I borrow only for spending that will build my assets or my ability to earn.	Does not apply	I'm OK	Needs work	Crisis
I research to find the best options for a new mortgage or mortgage renewal.	Does not apply	I'm OK	Needs work	Crisis
I have a down payment and mortgage pre-approval when I'm ready to take out a mortgage.	Does not apply	I'm OK	Needs work	Crisis
I make my mortgage payments on time.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Insurance and investments Refer to the Insurance and Investing modules.
I review my insurance needs regularly to ensure I have the coverage I need at the best price.	Does not apply	I'm OK	Needs work	Crisis
I review my investment goals regularly and the level of risk I'm comfortable with.	Does not apply	I'm OK	Needs work	Crisis
I review my investments with my financial professional before buying them, and in regular investment reviews later.	Does not apply	I'm OK	Needs work	Crisis
I check out my investment advisor before beginning a relationship with her or him.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Retirement planning Refer to the Retirement and pensions module.
I have determined when I hope to retire and the resources I will need to do so.	Does not apply	I'm OK	Needs work	Crisis
I check periodically on my pension savings and other retirement income to see if they are on track with my retirement plans.	Does not apply	I'm OK	Needs work	Crisis
I contribute regularly to retirement savings funds that will help meet my retirement needs	Does not apply	I'm OK	Needs work	Crisis
My action steps—Taxes Refer to the Income taxes module.
I pay the taxes I owe on time to avoid penalties.	Does not apply	I'm OK	Needs work	Crisis
I check that I am claiming all the benefits and exemptions that I am entitled to on my tax return.	Does not apply	I'm OK	Needs work	Crisis
I have arranged my income and assets to pay only the minimum tax that I owe.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Financial and estate planning Refer to the Insurance and Financial planning modules.
I have completed a written financial plan to help manage my personal finances.	Does not apply	I'm OK	Needs work	Crisis
I review my financial plan and update it every year.	Does not apply	I'm OK	Needs work	Crisis
I have arranged for my estate to support my family and other goals after I die with the lowest taxes and costs.	Does not apply	I'm OK	Needs work	Crisis
I review my estate plan regularly to ensure that it reflects my current objectives and circumstances.	Does not apply	I'm OK	Needs work	Crisis
My action steps—Fraud protection Refer to the Fraud protection module.
I review my account statements at least once a month.	Does not apply	I'm OK	Needs work	Crisis
I request my credit report yearly to check for errors or other problems.	Does not apply	I'm OK	Needs work	Crisis
I change the passwords for my banking and other accounts and services at least once a year.	Does not apply	I'm OK	Needs work	Crisis
I check for signs of possible fraud in all my financial transactions and report any suspicious signs.	Does not apply	I'm OK	Needs work	Crisis

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Date modified:: 2023-02-20