Financial planning template: Create your own financial plan!

Create your own personal financial plan with this excel-based financial planning template. Ever since I made my first retirement calculator, I have had several requests to make an integrated financial plan creation tool.

The only reason I took this long to make it is sheer boredom. I thought, since I had already made most of the calculators found in a financial plan, it would be boring from a mathematical point of view to put it all together. How wrong I was!

I have always wanted to make a financial planning template with a one-page input and one-page output. A template in which all future cash flow entries are displayed on a single cash flow chart.

I have managed to pull if off, except for the one-page input part, as I have realised that would make it too cluttered and clumsy. Making the integrated cash flow chart turned out to be pretty exciting and at times exhausting.

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Do excuse the crummy sounding title. There are certain things a blogger must do to get a search engines attention!

That quite enough blah-blah. Without further ado, here are the features of the financial planning template:

• Create a financial plan for retirement, 5 non-recurring financial goals (child’s education, marriage etc.) and 2 recurring financial goals (vacation, annual medical tests etc.)
• Calculate the life insurance needed for financial independence of your family after your time. Important goals like children’s education and marriage are also accounted.
• The life insurance calculator has a clear set of instructions for the nominee as to how the insurance sum should be invested. It would be useful if a set of such instructions are found inwill of the insured.
• Retirement calculator with the possibility to include two passive income streams in employment (rent, dividend/business income) and in retirement (pension, rent)

• Recurring and non-recurring financial goals calculator. You can assign a priority to each goal and determine the feasibility of achieving each goal relative to retirement (number 1 priority) and to each other.
• Integrated cash flow chart which accounts for income, expenses, EMI, investment and pension schedule
• Cash flow summary to analyse the feasibility of retirement – the number one financial goal and other goals relative to retirement and to each other.
• One-page report this contains all the results serves as quick reckoner for initiating an action plan

Important

1. A financial plan is a just a piece of paper if you don’t act on it
2. You will need to review the financial year once a year.

Requests

1. Feedback, suggestions for improvement and requests for specific modifications are welcome.
2. If you are a member of the financial planning community, I will be delighted if you could help me tweak this tool and make it better.
3. Please do share this post with your friends and colleagues.

The financial planning template

The template has been significantly modified and is now available as a Robo Advisory Software Template which both investors and advisors can use.

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About The Author

Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin , or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “ Fee-only India, ” an organisation promoting unbiased, commission-free investment advice. Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence. Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos! Our new book for kids: “Chinchu Gets a Superpower!” is now available! Most investor problems can be traced to a lack of informed decision-making. We made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So, in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it, as well as teaching him several key ideas of decision-making and money management, is the narrative. What readers say!

Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.

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