11.5 Action plan

In this section:

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

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