your Financial Planning Guide

Written By David Buffie

At Wagner-Buffie Wealth, we understand that achieving financial stability and long-term security requires strategic planning and disciplined money management.  Our experienced team provides a structured, step-by-step approach to help you take control of your finances, make informed decisions, and build a secure financial future tailored to your unique goals. 

This guide outlines a structured, step-by-step approach to help you take control of your finances and build a strong financial future. 

Financial Planning Guide and Checklist | Wagner-Buffie Wealth, A GCG Advisory Partners Affiliate

Step 1:  Assess Your Current Financial Situation

  • Calculate net worth (assets minus liabilities)

  • Track monthly expenses to better understand your spending habits

  • Identify all sources of income

  • Review your credit score

Step 2:  Set Financial Goals

  • Define short-term goals, such as building an emergency fund or paying off high interest debt.

  • Establish mid-term goals, such as purchasing a home or starting a business.

  • Plan for long-term goals, such as retirement and wealth accumulation.

  • Be sure that the goals that you set are SMART (specific, measurable, achievable, relevant, and time-bound).

Step 3:  Create a Budget

  • Categorize expenses into fixed (rent, mortgage, loans), variable (utilities, groceries, gas), and discretionary (dining out, entertainment).

  • Track and adjust your budget monthly to ensure financial stability.

  • Follow the 50/30/20 rule:  50% for needs, 30% for wants, and 20% for savings and investments.

Step 4:  Build an Emergency Fund

  • Aim to save at least 3-6 months’ worth of essential expenses.

  • Store the funds in an easily accessible, high-yield savings account or money market fund.

 

Step 5:  Manage Debt Wisely

  • List all outstanding debts, including credit cards, loans, and mortgages.

  • Prioritize repayment of high-interest debts.

  • Explore debt consolidation or refinancing for lower interest rates if beneficial.

  • Make sure to make timely payments to improve credit scores and financial credibility.

 

Step 6:  Save & Invest for the Future

At Wagner-Buffie Wealth, we believe in a diversified, strategic approach to saving and investing.  Our team designs investment strategies to align with your financial goals, risk tolerance, and timeline.  Whether you’re preparing for retirement, growing your wealth, or safeguarding assets for future generations, we provide expert guidance to help you make informed decisions.

  • Contribute regularly to retirement accounts such as 401(k), IRA, or Roth IRA.

  • Diversify investments across stocks, bonds, real estate, and cash.

  • Take advantage of employer-sponsored retirement plans and contribution matching.

  • Periodically review and rebalance your investment portfolio to align with goals.

 

Step 7:  Plan for Major Life Events

  • Evaluate your insurance needs, including health, life, disability, and property insurance.

  • Plan for children’s education through 529 savings plans or custodial accounts.

  • Review estate planning documents, such as wills, trusts, and power of attorney.

 

Step 8:  Monitor & Adjust Your Financial Plan

Financial planning is an ongoing process with inputs required from advisors and clients to maximize effectiveness.  We provide continuous support to ensure that your financial strategy evolves with your life circumstances and market conditions.  We offer regular financial reviews, personalized advisory services, and data-driven insights to help your stay on track toward your goals.

  • Conduct annual reviews of your financial goals and budget.

  • Adjust your strategy based on life changes like marriage, children, or job transitions.

  • Stay informed about market trends and opportunities.

  • Leverage Wagner-Buffie Wealth’s professional financial advisory services for tailored guidance.

By following this structured guide, you can achieve financial security, minimize financial stress, and work towards long-term wealth and prosperity.  At Wagner-Buffie Wealth, we are committed to helping you navigate your financial journey with expert guidance and personalized strategies.  For more details about these checklist items, check out the Wagner-Buffie Wealth Insights page on our website!

Contact us today to schedule a consultation and take the next step toward a secure and prosperous financial future. 

 
David Buffie