How to create a personal financial plan

Howdy, hope you are holding up well. January is a month where most people create resolutions and plan for the year. Financial success usually appears in most people’s goals for the year. We all know the 1st step to working towards your goal is creating a plan and today I’ll walk you through how to create a financial plan. Here is a step-by-step guide to help you build a personal financial plan that will see you achieve your financial goals and maintaining financial stability

Step 1: Determine your financial goals

The first step in creating a personal financial plan is to determine what your financial goals are. These goals could include buying a house, paying off debt, saving for retirement, or building an emergency fund. Be specific and realistic with your goals, and set a timeline for achieving them.

Step 2: Assess your current financial situation

Next, assess your current financial situation by reviewing your income, expenses, and debts. This will give you a clear picture of where you stand financially and help you determine which areas you need to focus on.

Step 3: Create a budget

Once you have a clear picture of your income and expenses, create a budget that will allow you to meet your financial goals. A budget will help you keep track of your expenses, and ensure that you are saving enough money each month to reach your goals.

Step 4: Make a plan to reduce debt

If you have a lot of debt, creating a plan to reduce it should be a priority. Identify which debts have the highest interest rates and focus on paying those off first. You may also consider consolidating your debt or exploring debt management options.

Step 5: Invest for the future

Saving for retirement and other long-term goals should also be a priority. Consider setting up a retirement account or enroll to a pension scheme if you are not on any. If you have money left over after paying your bills and saving for your goals, invest it in low-cost index funds, which can provide a good return over the long-term.

Step 6: Review and update your plan regularly

Your personal financial plan is not set in stone, and it should be reviewed and updated regularly to ensure that it is still on track to achieving your goals. Life changes, such as a new job or the birth of a child, can have a big impact on your finances, so it's important to keep your plan current.

Today I would like to keep it brief and to the point, so I’ll finish at this point. By following these steps, you can create a personal financial plan that will help you achieve your financial goals and maintain financial stability. You may also seek the help of an expert to help you plan and execute a solid financial plan that will work to your benefit. The I&M Wealth Management team are knowledgeable and well experienced to help plan your finances and make your money work for you. You can reach out to them on [email protected] or telephone: +254 (20) 322 1000, +254 719 088 030 or +254 719 088 032

Regards,

Seline Awuor

How does I&M OTG Web and App protect your finances?

Knowing that your money is safe from fraud, loss, and other financial uncertainties is one perfect way to have peace of mind. With technology and digitization of banking systems, this particular issue may seem subtle but is not to be ignored. You deserve to be guaranteed security of that holiday savings, school fees and maybe short-term goal finances you saved. How about salary?

Let me tell you how OTG is at your defense.

Also read; 5 things to look at when choosing your potential Business banking partner.

1. Ability to lock a card or temporarily block it.

The I&M OTG app has features that allow you to temporarily lock your card in case of loss or suspected fraud using your card. You can also permanently block your card when you feel like you want to completely end all future transactions with that very card. This will inhibit any malicious payments or transactions procured with your card outside your knowledge. This protects you from losing your money.

2. Access Authentication.

The I&M OTG app has built in security features that require you to authenticate every transaction you make through OTP via SMS or email and also using authentication apps like Google authenticator. This are features put to ensure that only you are able to authorize payments or transactions. This not only protects your money but also ensures you are fully aware of the transactions initiated via your OTG platform.

3. The Stop Cheque Feature.

All I&M OTG users have the ability to stop a cheque transaction from the App. Despite the fact that this service is charged, it is notable that being able to block a cheque transaction without walking into a bank or branch is beneficial and saves time for customers. This will also protect you from cheque fraud thus guaranteeing you security for your money.

4. Transaction statements.

Knowing how much you spend and where you are spending your hard-earned money is beneficial as it keeps your spending in check. I&M OTG web and App notifies you of all transactions initiated via SMS and email. You also get to receive a transactions record email alert for the day. This keeps you in the know of all your transactions. You are able to detect any transactions that you did not initiate and make necessary follow-ups.

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By Omido Joshua