Four Essentials of a Financial Plan


True financial planning involves both short-term and long-term goals. Most people are able to create and often meet short-term goals, but long-term goals may not come as easy. They require more thinking, looking at the future, and planning for a time that may feel far down the road. To help navigate this process, we’ve provided four pillars to financial planning.

Emergency Fund

Did you know that according to a 2018 report by the Federal Reserve only 59% of Americans could cover an unexpected $400 emergency expense? An emergency fund does more than provide the funds when an unexpected expense arises, it also provides peace of mind and is the first line of defense against incurring debt. Minimize the temptation to dip into this fund by separating it from the account you use for monthly expenses. Click here to learn how AGFinancial provides competitive rates while also benefitting ministry growth.

Retirement Savings

After your emergency fund is in place, think about your future. Saving for your financial future needs to be a priority, using a qualified employer plan (401(k) or 403(b)) and/or IRAs. And the longer you wait, the harder it will be to reach your retirement savings goal. Click here to read the 5 easy steps to take now to grow your retirement savings.

Adequate Insurance

Along with planning for your future, make sure you are protecting your family and your assets by obtaining appropriate insurance coverage. Life insurance, although it’s something we often do not want to think about, is crucial to protect and take care of those you love in the event something happens to you. Personal lines insurance is also important to make sure you have adequate coverage for your car, house, and other belongings. Make insurance a priority as it can help protect you and your family from possible financial devastation in the event of an unforeseen event.

Estate Planning

An important part of a financial plan that is often overlooked is how you can affect others with your finances both now and after you pass on. The simplest way to be prepared is to have a will to determine how your assets will be distributed. However, there are other benefits to planned giving such as generating income for you and your family, receiving potential tax benefits, and supporting the ministries of your choice.

What’s Next?

Keep in mind this is not the end-all-be-all of finances, but a foundation to start you on the right track. It is beneficial at every stage of your life to take a step back and make sure the decisions you are making today are lined up with the future you want for yourself.

We encourage you to look at your finances from a fresh perspective. Do you know what financial success looks like for you? Are you on track to accomplish the financial goals you have set for yourself? Are you doing what you can to protect your financial future? Have you considered what kind of legacy you want to leave behind? If not, what steps can you begin to take now that will move you closer to your goals?

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