1️. A Financial Plan Turns Goals into Action

A financial plan turns goals into action and dreams into direction.  What are your long-term goals and dreams?  Really think about it.  And think big! Why not?  Then the plan is built around those goals and dreams and can help you save, invest, and stay accountable to them.

*Action: Write down your top three financial goals for the next 5–10 years. Attach a dollar amount and a target date to each.

2️. It Helps You Prepare for the Unexpected

Life happens.  From job changes to unexpected medical bills, a plan cushions those surprises before they become setbacks.

*Action: Check your emergency fund. Have you dipped into it lately?  Then it’s time to replenish it.  Aim to cover 3 to 6 months of expenses in a liquid savings account.

3️. It Keeps Emotions Out of Decisions

Markets move, the headlines seem to get crazier by the day, but your plan keeps you grounded. Long-term goals shouldn’t be derailed by short-term noise.

*Action: Schedule a portfolio review this month to ensure your investments still reflect your goals and risk tolerance.

4️. It Brings Your Financial Life Together

One of the reasons I love doing financial plans is that your finances don’t live in silos. You need to see everything altogether.  A good plan connects your budget with your investments, with tax planning, insurance policies, and estate planning, so everything works together.

*Action: Have you updated your budget and/or debt strategy lately?  If not, let’s revisit that.

5️. It Builds Confidence and Peace of Mind

Knowing where you are today and having a roadmap for the future replaces stress with clarity. And it gives you confidence to stay on track and keep going.

*Action: Set up your year-end financial review. It’s the perfect way to finish strong and start the new year with confidence.

And a last big reminder, I tell all my clients: A financial plan is NEVER carved in stone.  It is fluid and constantly changing -- because so is life.  And that plan isn’t about perfection and getting everything right the first time.  It’s about progress and agility, and it constantly needs to be reviewed. 

So this October, take the time to review, refresh, and recommit to your goals.

Please don’t hesitate to reach out to me at tbyrnes@lebenthal.com if you need help with your financial plan or if there are particular topics you would like me to address.

Tracy Byrnes is a CDFA® and Vice President, Women and Investing, at Lebenthal Global Advisors. She focuses on assisting women through divorce, transition, and entrepreneurship. Her mission is to empower women financially so they can pursue their goals and confidently plan for the future. Tracy aims to be a stabilizing force for her clients, providing well-informed advice to help them plan for their families and businesses. Throughout her career, she has gained valuable insight and experience from the diverse range of people she has met, allowing her to translate complex concepts into straightforward advice. Tracy holds an M.B.A. in Accounting from Rutgers University and a B.A. in Economics from Lehigh University. She is also a financial expert who has been featured in multiple national networks and media outlets.