How do I create a new financial plan?

1. Navigate to the Financial Planning module

2. Click on Financial Plans

3. Click on New to create a new financial plan

4. Specify a name used to describe this plan

5. Choose a post-secondary plan

In this example, we will be choosing four-year college

6. Choose the occupation for this scenario

7. Choose the college you plan to attend

8. Now choose the state you plan to reside in post graduation

💡 At any point, you can click on the suggestion above a field to populate the field with the suggested value

9. Specify the salary you expect to make right after college

The suggestion will be based on where you're located, your education level, and occupation.

10. Specify any side income you plan to get

This could be a part-time job or if you plan to do freelance work with your occupation

💡 If you didn't choose additional education as a post-secondary plan, you will not see the college funding section

11. Specify the college annual cost

This suggestion is based on the net annual average for the college you selected

12. Specify any scholarships you've been awarded

This is not scholarships from your FAFSA. FAFSA scholarships should be consolidated into the annual grants field in the next step.

13. Specify any annual grants

The suggestion is the average grants awarded to students going to your selected college

14. Specify annual student loans

The suggestion is the average loans awarded to students going to your selected college

15. Specify annual family and self contribution

This suggestion is the annual cost minus any suggested grants and loans

16. Here you will see your calculated monthly loan payments

17. Specify the loan interest rate

The suggestion is the current national average

18. Specify any monthly public transportation or ride sharing costs

You will likely not need to specify a number here if you plan to own a car. But, if you plan to live in the city, this may be a better option than owning a car.

19. Specify a monthly car payment

Based on the car you'd like to own (realistically), specify an expected monthly car payment

20. Specify monthly car maintenance and gas

This suggestion is the average monthly maintenance and gas for an average commuter in your state of residence

21. Specify monthly insurance amounts

This suggestion is based on your state and assumes that you will be graduating when you're 22 years old.

22. Specify your expected monthly housing costs

You're supposed to spend 28% of your net monthly income on housing and utilities. 80% of that 28% should be allocated to housing.

23. Specify your expected monthly utilities cost

You're supposed to spend 28% of your net monthly income on housing and utilities. 20% of that 28% should be allocated to utilities.

24. Specify how much you expect to spend on food each month

This suggestion is based on where you live and the average amount necessary for a single person to eat for a month

25. Specify a monthly savings amount

You should be saving 10% of your net income. That is where this suggestion derives.

26. Specify a monthly emergency fund contribution

You should have an emergency fund in case something happens that leaves you without any income. You should be able to hit your target emergency fund amount in 2 years.

27. Specify your emergency fund target amount

This amount should cover all of your expenses for 3 months

28. Now you will have a summary of all categories to see how much money you have left over for entertainment and miscellaneous spending