Connect with us


Personal Financial Plan Examples

Personal financial plan examples

Do you want to plan your personal finance? These personal financial plan examples will help you to plan your financial future efficiently. What are some of the key elements needed to create a solid financial plan?

If you’re ready to make 2021 the most beautiful year of your life yet, then this will be extremely valuable to you.

What is a financial plan?

A financial plan is a detailed picture of your financial goals and any strategies you have devised to achieve those goals.

Understanding your current financial position is important for preparing a good financial report, and should include your cash flow, savings, investments, insurance, credit, and any other financial aspect.

A financial plan is an ongoing process that should help you build your long-term goals, from current financial needs to retirement, to reduce your stress on finance.

Personal Financial Plan Examples

I use a hypothetical model to present these examples, which is something that can happen in real life. Here, I am using assumption illustrations of a person, then I use fake numbers that can be in real life.

For example, I’m helping Chris Toj’s financial life to build a personal finance plan and build your need accordingly.

Chris Toj has not focused on preparing her financial reports or financial plan for the past few years.

That is, she does not have a permanent financial plan for the future. But she needs a strong financial plan because she has different assets, life insurance coverage, and different investments. After realizing this, she felt the need for a well built financial plan. Now we assume that she wants to create a financial plan.

Current Financial Information

In order to prepare a financial plan, she needs to understand the current financial situation, and she must prepare a simple financial worksheet.

Chris is a high-income woman who runs her own business during her career. Here are some ways in which she can make a living as she is a woman in the 21st century.

  • Sponsorship from companies
  • Selling her own merchandise
  • Earning commissions from affiliate products
  • Donations
  • Ads from ad networks like Google AdSense

As an internet entrepreneur, she earns about $ 110,000 a year. I will present her personal financial planning sample and asset valuation here. This includes the assets she currently owns,

  • Cash in cash/cash in bank accounts – $43000
  • Investment money in the money market – $
  • Values in bond and brokerage accounts – $
  • Current stock value – $
  • Value of commercial building given on rent basis – $

She owns a $ 170,000 car. She bought the car about two years ago. Her vehicle loan balance is $25000. And the house she lives in is worth $ 750,000.
Note This – All values above are current values.

All-day today expenditures

She spends about $ 5,000 a month on other expenses, including food, taxes, entertainment, essentials, and mandatory expenses.

Chris maintains a separate mandatory savings account and hopes to use it for social security at the time of retirement or when he is eligible to receive it.

She expects to receive that amount at age 55, and that saving is $ 2,000 a month. Cruise regularly manages to keep $ 500K in her account annually.

Retirement Expenses

She works as an accountant for a public government agency and is entitled to a pension. She hopes to retire in 50 years, and 40% of her salary will be credited to a retirement account.

Accordingly, her pension is about $ 45000 annually. Therefore, she can expect to pay less after retirement.

Insurance Expenses

Chris has taken out life insurance coverage. The life insurance cover she has obtained is worth $ 350,000, and she pays at least $ 200 a month in installments.

Other All Expenses

Chris spends about $ 9,000 a month on living expenses to meet basic needs such as entertainment, property taxes, food, and other expenses.

Personal Financial Plan Example for Chris

Investment Assets

Retirement Plan                                               $300 000

Annuities                                                           $80   000

Taxable Account                                               $180 000

Total Amount                                                    $560 000


Personal Assets                                                $650 000

Total                                                                    $650 000


Vehicle Loan                                                      $ 30 000

Mortgage                                                            $100 000

Total                                                                     $130 000

Net Worth                                                          $1 080 000

She has a good plan, and her future is financially secure. She also hopes to retire early and live a perfect life and remain unmarried. Chris has job security as she is employed by the government.

Her idea is to invest in more assets to increase net worth. It is a very good decision, and I have mentioned it in previous articles. That is, she can reduce portfolio risk by increasing her fixed assets over the shares she owns. Chris has good investment knowledge.

Also, since she pays a lot for the car, it may not be necessary. Since she does not expect marriage, a small house is enough to live on. It can save a lot of money on her expenses, and she can use that money to increase savings and investments.


When making a financial plan, you can make your big financial goals and objectives realistic by dividing them into smaller parts. All you need to do is give them an outlet and the support they need to keep going. At the same time, it is important to focus on debt reduction.

Recommended Reading – How to invest and make money daily

I am Calista Ellen a content creator and a marketer.




More in Investing