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One of your major projects for the semester will be the creation of a Personal Financial Plan. It is weighted at 30% of your Consumer Finance grade. The narrative portion of this paper should be a minimum of twelve pages in length. Following are the minimum sections and items that are to be considered and included when developing your plan:

  1. INTRODUCTION: Introduce yourself and      explain your family situation. Discuss your philosophy towards money and      your current biggest financial challenge.

a. Short Term Goals (1-3 years): Choose at least two short-term goals and discuss the details of each goal, why it is important, what this goal will do for you and how you will accomplish this goal. Support you goals with specific action plans.

b. Medium Goals (4-7 years): Choose at least two medium-term goals and discuss the details of each goal, why it is important, what this goal will do for you and how you will accomplish this goal. Support you goals with specific action plans.

c. Long Term Goals: Choose at least two long-term goals and discuss the details of each goal, why it is important, what this goal will do for you and how you will accomplish this goal. One goal that must be included in this section should be retirement. When do you plan to retire, what do you plan to do in retirement, how much you will need and how are you going to get there?

Optional: You may wish to put your goals in a table with due dates and brief action plans.

    1. Personal Financial Statements       (Balance Sheet, Budget, I&E statement)
    2. Raises:  How do you manage your raises? Or       do they get absorbed into your spending? If you don’t manage your raises,       what changes might you make next time you get a raise?
    3. Budget (annual, by month):  how do you make a budget work for you? If you don’t have a budget, how will       you establish a budget to make it an effective tool to help you meet your       goals and manage the household expenses?
    4. Spending issues:  If       you live paycheck to paycheck or have other spending issues, (impulse       spending, free-loading adult children, and a significant other not       working with you toward goals) this is the place to discuss specific       strategies on how you are going to change your behavior and overcome       these hurdles to get to a place to achieve your goals.
    5. Debt Analysis

i. Credit Card Debt

ii. Installment Debt

iii. Other Debt 

iv. Discuss your ratios, especially your debt to income ratio.  If it’s over 40% do you have a plan to reduce this number?  How soon will that happen? What things can you do to accelerate your debt repayment?  Check your credit rating.  Are you happy with this number? What steps can you take to improve this number (a detailed discussion should follow if you score is under 620).  Would debt counseling help you?  If you have a lot of credit card debt, consider putting together a comprehensive schedule for your debt reduction plan.

  1. Savings

i. Emergency Savings:  How much do you need for your emergency savings? How much do you currently have and how /when will you save the remainder?  Where will you keep these funds?  Define what an emergency is and why you would tap into these funds.

ii. Discretionary Savings Program:  What is your current financial picture? Are you happy with it? Will your current budget allow you to make to meet your intermediate- and long-term goals? Is your debt structured under the most favorable rates and terms for your needs? How much credit card debt do you have? Is there a better way to structure it? What changes do you recommend for yourself?  Do you know what your credit bureau looks like? Do you know your credit score? Do you need to take any action to improve your credit score?


What is your current situation? Are you where you need to be? How does your current salary/benefits compare to the industry? What is your career path? What else could you do to improve your prospects? How marketable are you?

    1. Housing 

i. Housing Assessment

ii. Auto Assessment

Look at your current situation. Are you happy with your current home? Auto? Want/need to make any changes? What about your mortgage and/or auto loan? Are you happy with the rates and terms?

  1. Auto

i. Get the Nada value of your car.

ii. Do you have a loan? How can you pay it off early?

iii. When will you need to plan to get a new car?

1. What do you need to save today to pay cash for the next car?


i. Homeowner’s or Renter’s

ii. Auto and other vehicles including motorcraft

iii. Life

iv. Health

v. Disability: Short- and Long-Term

vi. Long-Term Care

What are your current coverages? Do you have enough? Too much? How about the cost? Are you getting a good deal? Are you happy with the service? What are your deductibles?


What financial services do you use? (Checking, Savings, Money Market, CDs, and Loans) Who is your primary financial institution? Why? What other institutions do you use? Are you happy with the service you are receiving? Could you get a better deal from your provider or elsewhere? Do you need to make any changes?


i. Savings and Liquidity Analysis

What would you do if you lost your main household income tomorrow? If it took you 6 months to replace this income, how would you survive?

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