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Creating and embracing a comprehensive financial plan is arguably the single best thing you can do to have a financially secure future and achieve the personal or financial goals you have for yourself or your family. For this to come to fruition, it is important to regularly review and revise your plan as needed. There are a number of situations in which a financial plan audit will be beneficial if not essential for staying on track to reach your goals.  Making this kind of review a monthly or quarterly habit can ensure you are making good decisions with your money. 

A Financial Advisor is a great asset in the financial plan process and can be invaluable.  Here are a few times when you should strongly consider reviewing your financial plan and making adjustments as necessary.


When Prioritizing Goals

Most of us tend to have multiple aspirations, both personal and professional. Sitting down to prioritize these goals should also involve evaluating your financial plan. Whether you want to return to school, save for vacations, remodel your home, buy a second home, or something else entirely, these changes in plans will inevitably require money. If you are deciding what you want to accomplish and achieve in your life, you will need to consider your finances and how they play into those goals.


During the Calm

One of the best times to reevaluate your financial plan is when nothing major is happening in your life. During these periods, you will have ample opportunity to actually plan ahead for what you want to achieve with the money you have without letting the current market or economic environment influence your long term thinking.  Additionally, during these periods you will be able to more clearly anticipate and account for potential setbacks, making these periods of time ideal for bolstering an emergency fund or setting aside money to invest if there is a market pullback. Reviewing your financial plan during calm periods can give you a good idea of how well you are doing financially and provide an opportunity to be proactive.


After A Life Change

When you experience a significant change in your life, reviewing your financial plan is a wise course of action. From welcoming a new addition to your family to starting a new job, these changes often involve a financial change, as well. During these times, it is best to evaluate your financial plan, adjust the affected numbers, and ensure that everything is accurate and satisfactory. Naturally, before you make big changes, you should also check your financial plan to ensure that the change is feasible, and reviewing and editing the plan after making the change will also be very beneficial.


Securities and Investment Advisory Services offered through Essex Financial Services, Inc., a Registered Investment Advisor, Member FINRA, SIPC.  A subsidiary of Essex Savings Bank. The securities and insurance products offered through Essex Financial Services, Inc. are not a deposit of, or other obligation of, or guaranteed by any bank, or an affiliate of any bank, are not insured by the FDIC or any other agency of the United States, the Bank or an affiliate of the bank and involve investment risk, including the possibility of a loss of the principal amount invested.