If you’ve been following along with our financial literacy series, you’ll know we’ve been walking through the six steps of the financial planning process. Last time, we explored Step 5: Filling the Financial Prescription™. Today, we’ve reached the final and arguably most important step: The Financial Fitness Review™, also known as "monitoring the plan."
Why Is Monitoring Your Plan So Important?
I often remind people that financial planning is a process, not a one-time event. Creating a plan is only the beginning. Life changes—and so should your plan. Think of your financial plan as a living, breathing document that needs attention as your goals, lifestyle, and circumstances evolve.
To put it another way: would you skip check-ins with your doctor after starting a treatment? Of course not! You’d want to know whether the medication is working or if changes are needed. The same principle applies to your financial health.
Here’s Why Regular Reviews Matter:
- Accountability:
Is everyone doing what they said they would? Newton’s Law of Inertia reminds us—nothing changes unless something changes. If you haven’t implemented your plan, your goals will stay out of reach.
- Progress Check:
Are the strategies you put in place actually moving the needle? Your plan includes projections—this is your chance to see how reality stacks up.
- Life Happens:
A job change, a marriage, a new baby, a divorce—big events can throw your plan off course. Adjustments are often necessary to stay on track.
What Should You Be Reviewing?
Every financial plan is different, but here are some common areas worth reviewing:
- Life Changes:
Have there been any major personal or financial shifts—like a new job, an inheritance, or a family loss—that could affect your plan?
- Goal Check-In:
Have you reached any of your original goals? If so, do any strategies need updating or retiring?
- New Dreams:
Have new goals popped up? Maybe you’re eyeing an earlier retirement or planning a dream trip. Let’s build those into your plan.
- Investment Performance:
Are your investments doing what they need to do—not compared to your neighbor’s returns, but based on the rate required to meet your goals?
- Tax & Economic Changes:
Has there been a shift in tax law or economic conditions that could impact your financial strategy?
- Implementation Status:
Are you and your planner both on track with your to-do list? This is the time to check in and recalibrate if needed.
How Often Should You Review?
At a minimum, once a year. An annual review keeps your plan aligned with changing circumstances and gives you a chance to make adjustments before small issues become big problems.
It’s also a great time to reconnect with your planner. Make sure you’re aligned on expectations and priorities moving forward.
Wrapping Up the Series
That’s it—we’ve officially covered all six steps in the financial planning process!
This framework isn’t just theory. It’s a tried-and-true path to living a financially healthier, more confident life. If you commit to working through the process with a qualified planner, you're well on your way to building a future you feel good about.
Thanks for joining me on this educational journey. I hope it’s given you the clarity and motivation to take the next step.
Ready to Get Started?
Book your Fit Meeting .
Want a free copy of our Six Step Process? Email us at info@truenorthretirement.ca and ask for The Fearless Retirement Blueprint.
Until next time, remember:
Without a Plan – It’s Only Money!.
