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A financial plan is like a game plan that helps prepare you for your family

How to make a financial plan

If you have financial goals, you need a financial plan. Here's how to make one.

September 12, 2025

Having a financial plan could play a key role in achieving major life goals. Why wait any longer? Start assessing your current situation, setting financial planning goals, and thinking about how a Discover® savings account could help you focus more closely on your financial future today.

The best laid plans

Before you make a financial plan, you need a clear picture of where you stand today. Tracking your income and expenses on a regular basis and assessing your net worth — total assets minus total debts — helps you see how much money you can commit to individual financial goals.

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Your first home

Home ownership is at the heart of the American dream. The biggest obstacle facing homebuyers is funding a down payment — now often at least 20% of a home’s purchase price. The good news is there are many down-payment options for first-time buyers. Check with banks in your area to see what special programs may be available to you.

If you intend to buy a house within five years, it might be a good idea to include saving for a down payment when creating your financial plan. A good way to save for a down payment may be through short-term saving vehicles, such as those available through a certificate of deposit (CD) to help pay for your first home.

Your child’s education

Ideally you should start saving for your child’s education as soon as — or even before — he or she is born. According to Bankrate, tuition and fees at four-year public colleges have ballooned. Depending on your child’s age, you may want to consider investing your education dollars in stocks or stock mutual funds. While stocks can be riskier than other investments over short time periods, over the long-term they have historically produced the highest returns.

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There are many other education savings options, and some, such as state-sponsored 529 college savings plans and the Coverdell Education Savings Account, offer tax advantages as well.

Your retirement

When making a financial plan, a secure retirement is probably your most important long-term financial goal. According to Bankrate, the common guideline is to replace 80% of your final working year’s salary for each year you spend in retirement.

That’s why it’s important to start saving for retirement early in life and keep saving as much as you can throughout your working years. Opening an individual retirement account (IRA) and contributing to a 401(k) are some of the easiest — and most effective — ways to save for this important goal.

Get the help you need

Knowing the right financial moves to make and when to make them is a complicated job that most of us don’t have the resources to handle alone. Consider consulting a qualified financial professional who can help you keep your financial plan on track with your ever-changing needs. And be sure to familiarize yourself with all the different ways that Discover’s savings accounts can be at the center of your strategy. Their great rates and convenient account management options may be just what you’re looking for.

Savings solutions built around your goals

Regardless of your time horizon, risk tolerance, or savings goal, you can always find the right savings vehicle for your needs at Discover. Discover offers an Online Savings Account to help you with your short-term savings goals and a full range of CDs with multiple terms that may be ideal for rounding out your overall savings strategy. Open a Discover account online or call 1-800-347-7000 where you can talk to a real person from our customer service team.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.

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