5 Steps to Creating a Successful Financial Plan for Yourself

Andre Oentoro

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In the past few years, the terms financial freedom and financial management have been surging rapidly among internet users. Thanks to globalization and its impact on social media usage, everyone has now opened to this realization pretty quickly.

Almost everyone in their 20s and 30s is speaking up about their problems with financial education at school. Most are not nice, as they aren't taught about managing money and other financial-related studies unless they enroll in that specific department.

Now that financial matters are common and openly discussed on the internet, especially on social media and YouTube channels, you may wonder what the key takeouts are. Before you wander around social platforms and dig up endless financial content, specifically about saving and money management, here are some quick tips for you.

1. Set up a budget

If you want to save money and make financial plans, you should know how much money will be coming in and going out of your pocket. You can set up a budget by creating categories for your expenses, such as food, transportation, housing, entertainment, and other necessary expenses.

2. Create an emergency fund

Sometimes unexpected expenses arise that you weren't planning for, such as car repairs, medical bills, or an appliance breaking down. Having a dedicated emergency fund with some money in it can help cover these unexpected expenses so that they don't throw off your budget or cause you to start using credit cards or loans to pay for them.

When setting up your emergency fund, consider prioritizing data security and opt for a reliable financial institution or platform that ensures the safety of your personal and financial information. Choose a reputable bank or a trusted online platform that employs robust security measures like encryption and multi-factor authentication to safeguard your account.

3. Set up a retirement savings plan

If your employer offers a retirement savings program with an employer matching option, take advantage of that. Employer matching options are great ways to save more because the company matches the amount that you contribute from your own paycheck into your retirement account. If you want to give an additional boost to your investments by opening a crypto savings account, you should learn more about it first. And it would be best to consider whether investing is right for you.

Moreover, you should also be aware that the crypto savings account can access any cryptocurrencies you have saved. You possess the full authority of your funds in the crypto wallets.

With a cryptocurrency savings account, you may also get passive income by just keeping money in the account. The interest that the crypto bank pays to account holders over time can be used to generate a passive income.

4. Pay off your mortgage and high-interest debts early

If you want to be debt-free as soon as possible, it's a good idea to pay off your mortgage early if possible because the majority of people end up spending most of their life paying for their homes. By paying off your mortgage early, you'll have more disposable income that you can use for retirement savings or spending money on other things that really matter to you.

It's also important to pay off your high-interest debts first before making extra payments towards your mortgage or car loan. This way, you'll save money on finance charges, and you'll see the rewards of paying off your debt quickly.

5. Incorporate Family Vacation Savings

In addition to the essential steps mentioned above, another important aspect to consider in your financial plan is saving for memorable experiences like a family vacation. While financial planning often focuses on long-term goals like retirement and emergency funds, setting aside money for enjoyable moments with loved ones can enhance your quality of life and create cherished memories. Family vacations are an excellent way to bond, relax, and explore new places together. However, they can be costly if not properly planned for.


A successful financial plan requires understanding what your needs are and how much you can afford to save. Opening a savings account is a great way to get started, and from there, you can make additional investments in other accounts depending on your risk tolerance and goals.

Having some money in savings specifically earmarked for emergencies makes sure that you have the funds available should the worst happen and helps prevent people from having to use credit cards or loans to pay for these types of expenses since they will already have the money saved up in their savings account.

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Andre Oentoro is the founder of Breadnbeyond, an award winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).


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