Improve your financial future with our comprehensive "Financial Planning Gap Analysis Checklist", aiding in goal establishment, strategic planning, and progress tracking.
1
Define financial objectives
2
Identify financial resources
3
Calculate current income and expenditure
4
Analysis of current assets and liabilities
5
Assess current financial position
6
Compare financial reality with defined goals
7
Approval: Initial Gap Analysis
8
Develop effective strategies to bridge the gap
9
Prepare detailed financial plan to achieve defined objectives
10
Review potential investment opportunities
11
Identify potential risks and create contingency plans
12
Approval: Financial Plan
13
Implement the financial plan
14
Monitor progress and make necessary adjustments
15
Carry out regular financial reviews
16
Approval: Regular Financial Reviews
17
Update the financial plan as needed
18
Ensure compliance with relevant financial regulations
19
Document all financial planning activities
20
Approval: Final Documentation
Define financial objectives
In this task, you will define the financial objectives for your financial planning. This includes setting specific goals and targets that you want to achieve. Consider what you want to accomplish financially and how it aligns with your long-term plans. It is important to be clear and specific with your financial objectives to ensure that your financial plan is effective and measurable.
Identify financial resources
In this task, you will identify the financial resources available to you. This includes any sources of income, such as salary, investments, or rental income. It also includes any assets you own, such as property or vehicles. Identifying your financial resources will help you understand what you have available to achieve your financial objectives.
Calculate current income and expenditure
In this task, you will calculate your current income and expenditure. This includes determining your monthly income from all sources and listing your monthly expenses. Calculating your current income and expenditure will give you a clear picture of your financial situation and help you identify areas where you can save or invest.
Analysis of current assets and liabilities
In this task, you will analyze your current assets and liabilities. This includes listing all your assets, such as property, vehicles, investments, and savings. It also includes listing your liabilities, such as loans, mortgages, and credit card debt. Analyzing your assets and liabilities will help you understand your net worth and identify any areas of financial risk.
Assess current financial position
In this task, you will assess your current financial position. This includes analyzing your income, expenses, assets, and liabilities to determine your overall financial health. Assessing your current financial position will help you understand your strengths and weaknesses and identify areas for improvement.
1
Excellent
2
Good
3
Average
4
Poor
1
High income
2
Low debt
3
Good savings
4
Strong investments
5
Other
1
Low income
2
High debt
3
No savings
4
Weak investments
5
Other
Compare financial reality with defined goals
In this task, you will compare your current financial reality with your defined goals. This includes assessing whether you are on track to achieve your financial objectives or if there is a gap between your current situation and your goals. Comparing your financial reality with your defined goals will help you identify any adjustments or strategies needed to bridge the gap.
Approval: Initial Gap Analysis
Will be submitted for approval:
Calculate current income and expenditure
Will be submitted
Analysis of current assets and liabilities
Will be submitted
Assess current financial position
Will be submitted
Develop effective strategies to bridge the gap
In this task, you will develop effective strategies to bridge the gap between your current financial reality and your defined goals. This includes identifying specific actions and steps that you can take to improve your financial situation and align it with your goals. Developing effective strategies will ensure that your financial plan is actionable and achievable.
1
Financial advisor
2
Budgeting software
3
Investment calculator
4
Other
Prepare detailed financial plan to achieve defined objectives
In this task, you will prepare a detailed financial plan to achieve your defined objectives. This includes outlining the specific steps, timelines, and milestones needed to reach your goals. A detailed financial plan will provide a roadmap for your financial journey and help you stay on track.
1
1-2 years
2
3-5 years
3
6-10 years
4
More than 10 years
Review potential investment opportunities
In this task, you will review potential investment opportunities. This includes researching and evaluating different investment options, such as stocks, bonds, real estate, or mutual funds. Reviewing potential investment opportunities will help you make informed decisions and maximize your returns.
1
Stocks
2
Bonds
3
Real estate
4
Mutual funds
5
Other
1
Low risk
2
Medium risk
3
High risk
1
Capital preservation
2
Income generation
3
Wealth accumulation
4
Other
Identify potential risks and create contingency plans
In this task, you will identify potential risks and create contingency plans. This includes assessing the potential risks that could impact your financial plan, such as job loss, market fluctuations, or unexpected expenses. Identifying potential risks and creating contingency plans will help you mitigate any negative impacts on your financial goals.
1
Job loss
2
Market downturn
3
Health issues
4
Unexpected expenses
5
Other
Approval: Financial Plan
Will be submitted for approval:
Develop effective strategies to bridge the gap
Will be submitted
Prepare detailed financial plan to achieve defined objectives
Will be submitted
Review potential investment opportunities
Will be submitted
Identify potential risks and create contingency plans
Will be submitted
Implement the financial plan
In this task, you will implement your financial plan. This includes taking the specific actions and steps outlined in your plan to move towards your financial goals. Implementing the financial plan will require discipline, consistency, and regular adjustments to stay on track.
Monitor progress and make necessary adjustments
In this task, you will monitor the progress of your financial plan and make necessary adjustments. This includes regularly reviewing your financial situation, tracking your progress towards your goals, and making any changes or modifications as needed. Monitoring progress and making adjustments will help you stay on track and ensure the effectiveness of your financial plan.
Carry out regular financial reviews
In this task, you will carry out regular financial reviews. This includes conducting comprehensive reviews of your financial situation, goals, and strategies to ensure that they are still relevant and aligned with your long-term plans. Regular financial reviews will help you identify any changes or adjustments needed to optimize your financial plan.
1
Quarterly
2
Semi-annually
3
Annually
4
Every 2 years
Approval: Regular Financial Reviews
Will be submitted for approval:
Implement the financial plan
Will be submitted
Monitor progress and make necessary adjustments
Will be submitted
Carry out regular financial reviews
Will be submitted
Update the financial plan as needed
In this task, you will update your financial plan as needed. This includes incorporating any changes or adjustments identified during the financial review process to ensure that your plan remains relevant and effective. Updating your financial plan will help you adapt to changing circumstances and stay on track towards your goals.
Ensure compliance with relevant financial regulations
In this task, you will ensure compliance with relevant financial regulations. This includes understanding and adhering to any legal or regulatory requirements related to your financial activities, such as tax laws or investment regulations. Ensuring compliance will help you avoid any legal issues and maintain the integrity of your financial plan.
1
Tax laws
2
Investment regulations
3
Financial reporting requirements
4
Other
Document all financial planning activities
In this task, you will document all your financial planning activities. This includes keeping records of your financial goals, strategies, investments, and any other relevant information. Documenting your financial planning activities will provide a reference for future analysis and help you track your progress.
Approval: Final Documentation
Will be submitted for approval:
Update the financial plan as needed
Will be submitted
Ensure compliance with relevant financial regulations
