1. The first step to creating your financial plan is to understand your current financial situation. This means taking an inventory of all of your debt, income and expenses.

2. The second part in the financial planning process is to set your financial goals. Your financial goals should be unique to your financial situation and reflective of where you want to be in the future. The goals you set should be realistic given your financial situation. Additionally, it is important to set both long-term and short-term goals.

3. The third step in the financial planning process is to create a plan for achieving each of your financial goals. For some, meeting financial goals will simply mean continuing on their existing path. For others, realizing financial goals will require a change in lifestyle or outlook.

4. Savings for short-term goals, including paying off debt, can typically be done through savings accounts. However, long-term goals or goals that involve investing require other options for saving money. There are several ways to save and invest money.

5. Your financial plan should be a living document. Take time to regularly view your savings and investments to determine if they are on track for your savings goals. Consider if your current level of risk is providing the returns you’re expecting and make adjustments as necessary.