My Financial Plan
What is a Financial Plan?
A Financial Plan helps you plan for your next step after high school. It helps you keep track of your funding sources for your next step, how much income you have coming in, and what your expenses are. Having a financial plan will help you understand your financial situation clearly and help you make more informed choices.
Developing Your Financial Plan
To develop your financial plan, visit Budgeting for Student Life or use the Budget Planner feature (found in the Money section) in myBlueprint - don't forget to save your budget to your portfolio.
Your financial plan must include:
- Identification and communication of costs and funding sources associated with your next steps;
- An overview of your financial goals, barriers and supports;
- Proof that someone (parent/guardian, member of your Board of Directors, bank) has reviewed your plan and given you feedback/suggestions for improvement.
Review your plan regularly
Review your plan regularly to adapt to changes in your life and goals. While looking through your past work, consider the following questions:
- Have my goals changed? If so, how might that impact my financial plan?
- Has my situation changed? Do I have a part-time job this year? Consider any changes that have taken place in your life and make sure they are reflected in your financial plan.
- Have the costs associated with any of my goals changed? Be sure to double check all the costs in your budget.
Get Feedback on Your Plan
- Discuss your financial plan with an adult who you trust. Ask someone who has knowledge of financial planning to look over your Financial Plan and provide feedback. This could be a member of your Board of Directors, a parent/guardian, a relative, or someone who works at your bank.
- Take their feedback into consideration and adjust/revise your financial plan as needed.
- Have this person sign the sign-off sheet for your MPP.
Link to My Plan Presentation
In your presentation, you should be prepared to show evidence of a financial plan to support your next step. Be ready to present your financial plan and answer questions such as:
- How will you fund your next steps?
- How did you research your costs?
- What financial barriers will you have to overcome to pursue your proposed plan?
- Who reviewed your financial plan and what feedback did they give you?
- Do you see any blind spots in your plan?
- What did you learn from preparing your financial plan?