What is financial planning?

This 5-step process can help you reach your financial goals.

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Financial planning is a 5-step process that can help you achieve your financial goals. Step 1 is discovery, or identifying your goals. Maybe it’s building an emergency fund or saving for a child's education or your own retirement. Step 2 is checking up on your current financial situation including cash flow needs. Step 3 is creating an action plan to help reach your goals. Step 4 is implementing your plan with appropriate investments, accounts and taxes in mind. The final step is monitoring your progress and adjusting as needed if markets or life veer you off course.

If you don't have a financial plan, consider one. Research shows that women who plan have better outcomes and feel less stressed about their finances.* You can do it alone, with the help of online tools, with a professional—or a combination. Why not get started now?

The planning process includes discovery, checkup, plan, implement, and monitor.


Next steps to consider

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How to tackle investing, and money and family matters.

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