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To write a personal financial plan, start by making a list of your assets, such as money in the bank or real estate. Then, write a list of any liabilities you have, such as credit card debt or a student loan. Next, subtract your liabilities from your total assets to calculate your net worth. Once you know your net worth, create specific goals for your money, such as the ability to buy a house or take a European vacation. Then, decide how you’ll set aside money towards these goals, like spending $80 less per month and putting that money in a savings account. For advice on how to know if your current financial plan is working well for you, read on!
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