Financial (Spending) Plan

A financial plan can be an indicator of financial knowledge and behaviors. Having a written and active financial plan can lead to positive changes in financial behaviors and ultimately good financial health. Personal financial planning is important because it requires individuals to set realistic financial goals based on their current financial situation, provides the necessary steps to achieve their goals, and will indicate progression toward goals.

Programs can obtain useful information from a measurable financial plan. A financial plan should have a constant method of evaluating whether it is working so that programs can use it to monitor a participant’s progress and financial behaviors. Programs can use an individual’s financial plan to help them to readjust their goals and improve behaviors or determine if additional training is needed to help participants improve their financial knowledge in a particular area.

Programs should keep track of the number and percent of participants that develop a financial plan. Additionally, programs can assess their participant’s financial plans quarterly and annually to measure progress toward achieving financial planning goals.

Surveys/Assessments

Sources Cited

NeighborWorks’ Success Measures Tools for Practitioners