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step5.html
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<!DOCTYPE html>
<html lang="en">
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<meta charset="UTF-8">
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<title>Monitor</title>
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<h2>Monitor your financial plan regularly</h2>
</div>
</div>
<p id="para">Let's look at some more info on how to monitor your financial plan regularly</p>
<div class="context" style="overflow: hidden;">
<div class="matter">
<h4>Monthly</h4> <br>
Expenses – Track your spending and compare how you are doing versus the target amounts set in your
plan. This is one of the most important steps in implementing your plan because it is where you have
both the most control and the most impact on your financial situation. Reviewing this regularly,
provides great feedback if your spending is in line with your values.
<br> <br>
<h4>Quarterly</h4> <br>
Income – Compare your income against plan targets to see if it is on track. Earning more or less
than planned may mean you need to adjust your savings or spending amounts accordingly.
<br> <br>
Debts – Follow the targets in your plan for the optimal amount to pay toward any debts you may have.
Monitor interest rates to evaluate if a better option might be available, such as refinancing or
making additional payments.
<br><br>
Investment Performance – Regularly review your investment performance compared to an appropriate
index and compare targeted account balances vs. actual account balances.
<br><br>
Investment Allocations – Determine appropriate asset allocation ranges for stocks, bonds, and cash
in your plan, and review your investment portfolio regularly. Implement the investment strategy that
works best for your situation and rebalance assets when needed – not when your emotions are telling
you to. Allocation ranges in your plan should be chosen based on analysis of your risk capacity and
risk tolerance. As life changes, the appropriate investment allocations will change, so it will need
to be updated periodically.
<br><br>
Account Contributions & Withdrawals – Review, calculate and adjust contributions and distributions
from investment and savings accounts to stay close to targeted amounts set in plan. Check things
like Roth IRA contributions, 401(k) contribution rates, or IRA distributions throughout the year.
<br><br>
<h4>Annually</h4> <br>
Net Worth – Net worth is the value of your assets minus your debts. A healthy financial plan is
typically one in which the net worth is increasing during your accumulation years and then gradually
decreasing in retirement.
<br><br>
Income Tax Planning – Review your income tax scenario prior to year-end to take advantage of tax
efficiencies and cost savings (deductions not being utilized, taking advantage of tax-deferred
accounts, Roth conversions, maximizing your tax bracket, etc.).
<br><br>
Insurance Planning – Your plan should identify areas where current insurance amounts are over or
under insured. Review annually to see if your coverage is still sufficient as life changes. This
includes all insurance types (life, disability, property, long-term care, umbrella, and more) for
any potential changes that may be needed.
<br><br>
Estate Distribution – Review and update estate documents and beneficiary designations on retirement
accounts and life insurance policies to assure that assets are structured the way you want them to
transition after death.
<br><br>
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