financial plan
/ˈfaɪnænʃəl plæn/A comprehensive strategy outlining how an individual or organization will manage their finances, including income, expenses, savings, investments, and debt repayment over a specific period.
The couple created a financial plan to save for their dream home.
They also included an emergency fund in their financial plan.
A financial plan often includes short-term and long-term goals, risk management, and tax planning.
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💡Pro Tip
Regular Updates
Review and update your financial plan annually or when major life changes occur, such as marriage, job changes, or having children.
⚡Gold Rule
Consistency
Stick to your financial plan to achieve long-term financial stability and avoid unnecessary debt.
📖Word Origin
Derived from 'financial' (relating to money management) and 'plan' (a detailed proposal for achieving an objective).
📝Usage Notes
A financial plan is typically created with the help of a financial advisor or using financial planning software.