Create your own financial plan with this financial planning template

Create your own personal financial plan with this free excel-based financial planning template.

Ever since I made my first retirement calculator, I have had several requests to make an integrated financial plan creation tool.

The only reason I took this long to make it is sheer boredom. I thought, since I had already made most of the calculators found in a financial plan, it would be boring from a mathematical point of view to put it all together. How wrong I was!

I have always wanted to make a financial planning template with a one-page input and one-page output. A template in which all future cash flow entries are displayed on a single cash flow chart.

I have managed to pull if off, except for the one-page input part, as I have realised that would make it too cluttered and clumsy. Making the integrated cash flow chart turned out to be pretty exciting and at times exhausting.

Do excuse the crummy sounding title. There are certain things a blogger must do to get a search engines attention!

That quite enough blah-blah. Without further ado, here are the features of the financial planning template:

  • Create a financial plan for retirement, 5 non-recurring financial goals (child's education, marriage etc.) and 2 recurring financial goals (vacation, annual medical tests etc.)
  • Calculate the life insurance needed for financial independence of your family after your time. Important goals like children's education and marriage are also accounted.
  • The life insurance calculator has a clear set of instructions for the nominee as to how the insurance sum should be invested. It would be useful if a set of such instructions are found inwill of the insured.
  • Retirement calculator with the possibility to include two passive income streams in employment (rent, dividend/business income) and in retirement (pension, rent)
  • Recurring and non-recurring financial goals calculator. You can assign a priority to each goal and determine the feasibility of achieving each goal relative to retirement (number 1 priority) and to each other.
  •  Integrated cash flow chart which accounts for income, expenses, EMI, investment and pension schedule
  • Cash flow summary to analyse the feasibility of retirement - the number one financial goal and other goals relative to retirement and to each other.
  • One-page report  this contains all the results serves as quick reckoner for initiating an action plan

Important

  1. A financial plan is a just a piece of paper if you don't act on it
  2. You will need to review the financial year once a year.

Sample financial plan

Integrated-Financial-Planner-1

Integrated-Financial-Planner-2

Requests

  1. Feedback, suggestions for improvement and requests for specific modifications are welcome.
  2. If you are a member of the financial planning community, I will be delighted if you could help me tweak this tool and make it better.
  3. Please do share this post with your friends and colleagues.

Download the financial planning template

Latest version: Updated Jan. 15th 2016. Integrated Financial Planning Template Corrected an error in the insurance sheet as pointed out by Guru Rudagi.

Hey, my new book with Subra(money.com), You can be rich with goal-based investing is now available at Flipkart for Rs. 359/- only! Pre-order now!

Change log

Updated Dec. 3rd 2014. Analysis sheets added. Update: Integrated Financial Planning Template

Updated Aug. 23rd 2014. Thanks to Mr. Ashok Kumar Anand for pointing an error in the way passive income was handled.

Updated Dec. 6th 2014. Thanks to Ms. Vandhana Rajendran and Mr. Ashok Kumar Anand for pointing out bugs.

Update April 4th 2014. Thanks to Ms. Aparna for pointing out a bug in the retirement planning sheet.

Update April 24th 2014. Thanks to Ms. Aparna again for pointing out a bug in the retirement planning sheet!

 

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158 thoughts on “Create your own financial plan with this financial planning template

  1. sreekant

    Ahhh pattu... finally you have pulled it off. I am yet to try it. But the very fact that you have put this together is so heart warming especially when you belong to a non-finance core and you do not expect to monetize your work. I can imagine the effort that would have gone into this and your other calcs. You are far ahead of our tribe. Hats off to you...

    Reply
  2. sreekant

    Ahhh pattu... finally you have pulled it off. I am yet to try it. But the very fact that you have put this together is so heart warming especially when you belong to a non-finance core and you do not expect to monetize your work. I can imagine the effort that would have gone into this and your other calcs. You are far ahead of our tribe. Hats off to you...

    Reply
  3. Bhaskar

    Thanks Pattu for putting the thigns together. Just love the work. Shared this work sheet with all friends and relatives. Going to use this work sheet.

    Reply
  4. Bhaskar

    Thanks Pattu for putting the thigns together. Just love the work. Shared this work sheet with all friends and relatives. Going to use this work sheet.

    Reply
  5. sunder

    pattu, i just wanted to flag a few points: 1.u r not having any provision for including gratuity/ leave encashment one would get at the time of retirement ., there is provision for any additional lump sum income such as shares from parents that could come down the line. 3the plan only provides for a family with one earning member.

    Reply
  6. sunder

    pattu, i just wanted to flag a few points: 1.u r not having any provision for including gratuity/ leave encashment one would get at the time of retirement ., there is provision for any additional lump sum income such as shares from parents that could come down the line. 3the plan only provides for a family with one earning member.

    Reply
  7. ashal jauhari

    Dear Sunder, thanks for the suggestions. Yes, the proposed changes can be made but that 'll only create more complicated structure. Personally you know me very well that I'm firm believer of KISS - keep it simply simple. hence I'm more than happy what I'm getting from current calculator from dear Pattu. 🙂

    Thanks

    Ashal

    Reply
  8. ashal jauhari

    Dear Sunder, thanks for the suggestions. Yes, the proposed changes can be made but that 'll only create more complicated structure. Personally you know me very well that I'm firm believer of KISS - keep it simply simple. hence I'm more than happy what I'm getting from current calculator from dear Pattu. 🙂

    Thanks

    Ashal

    Reply
  9. pattu

    Thank Sunder. This kind of template is typically many years away from retirement. Therefore is best for someone like that to ignore lump sum benefits. Similarly if both husband and wife intend to work until retirement and hope to remain married they should simply integrate expenses, income and liabilities. If they don't intend to either then they should plan separately.

    I will include lump sum before retirement option. For the moment, you and others interested can use this:
    http://freefincal.com/retirement-calculators-advanced/retirement-planner-for-the-middle-aged-employee/

    Reply
  10. pattu

    Thank Sunder. This kind of template is typically many years away from retirement. Therefore is best for someone like that to ignore lump sum benefits. Similarly if both husband and wife intend to work until retirement and hope to remain married they should simply integrate expenses, income and liabilities. If they don't intend to either then they should plan separately.

    I will include lump sum before retirement option. For the moment, you and others interested can use this:
    http://freefincal.com/retirement-calculators-advanced/retirement-planner-for-the-middle-aged-employee/

    Reply
  11. bharat shah

    thank you for such versatile comprehensive calculator. sometime before , i calculated the insurance requirement as on today with the same premises as yours and i tried with this calculator , and found the same result.

    Reply
  12. bharat shah

    thank you for such versatile comprehensive calculator. sometime before , i calculated the insurance requirement as on today with the same premises as yours and i tried with this calculator , and found the same result.

    Reply
  13. vignesh

    really it is a very good one !

    I have one question regarding the asset allocation.

    whether asset allocation is for individual goals or it is for the entire portfolio of a person !

    if I keep it for individual goals it becomes little complex.

    if I keep it for entire portfolio I think I am becoming too conservative taking less risk for the long term goals.

    assumption: equity inv are considered as an option in the portfolio only the tenure of the goal is 7 or more than seven years.

    if you have any post for asset allocation pls forward me

    Reply
    1. pattu

      Dear Vignesh, Each goal should have its own asset allocation. For example, I hope to retire after 25 years, and my son is expected to graduate from school in 14 years. How can these two goals have the same asset allocation?
      The first step is finding out how much return you need. The you take into account a reasonable return from equity (10% for 15 years) and 12% for durations higher than that and plan your asset allocation accordingly.

      See if this will of use.
      http://freefincal.com/a-step-by-step-guide-to-long-term-goal-based-investing-part-i/

      Reply
  14. vignesh

    really it is a very good one !

    I have one question regarding the asset allocation.

    whether asset allocation is for individual goals or it is for the entire portfolio of a person !

    if I keep it for individual goals it becomes little complex.

    if I keep it for entire portfolio I think I am becoming too conservative taking less risk for the long term goals.

    assumption: equity inv are considered as an option in the portfolio only the tenure of the goal is 7 or more than seven years.

    if you have any post for asset allocation pls forward me

    Reply
    1. pattu

      Dear Vignesh, Each goal should have its own asset allocation. For example, I hope to retire after 25 years, and my son is expected to graduate from school in 14 years. How can these two goals have the same asset allocation?
      The first step is finding out how much return you need. The you take into account a reasonable return from equity (10% for 15 years) and 12% for durations higher than that and plan your asset allocation accordingly.

      See if this will of use.
      http://freefincal.com/a-step-by-step-guide-to-long-term-goal-based-investing-part-i/

      Reply
  15. rame

    really it is a very good one !

    I have one question regarding the asset allocation.

    whether asset allocation is for individual goals or it is for the entire portfolio of a person !

    Reply
  16. rame

    really it is a very good one !

    I have one question regarding the asset allocation.

    whether asset allocation is for individual goals or it is for the entire portfolio of a person !

    Reply
    1. pattu

      Please spot the download link at the bottom of each post. Click that and save to your computer.

      Reply
    1. pattu

      Please spot the download link at the bottom of each post. Click that and save to your computer.

      Reply
  17. Ramakrishna

    dear sir, in the first sheet life insurance calc- How long would this income be needed - should this input be in years or months? i think it is years, just clarifying. - Regards ,Ram

    Reply
  18. Ramakrishna

    dear sir, in the first sheet life insurance calc- How long would this income be needed - should this input be in years or months? i think it is years, just clarifying. - Regards ,Ram

    Reply
  19. Deepak

    Dear Pattabiraman,
    First let me thank you for the excellent knowledge base you have built and shared with public, Your calculators are great and I am going through these one by one.

    I was looking at your financial plan sheet. One thing I felt missing is the possibility that somebody using this plan in the middle of his/her financial life. If I already have a corpus built for retirement, how do I get that accounted for in this plan? Changing the start date/duration may achieve this but will need a lot of tweaking to match current reality. Would it be possible to build a plan account for current situation (not starting from 0) and start now?

    Thanks again.

    Best regards,
    Deepak

    Reply
  20. Deepak

    Dear Pattabiraman,
    First let me thank you for the excellent knowledge base you have built and shared with public, Your calculators are great and I am going through these one by one.

    I was looking at your financial plan sheet. One thing I felt missing is the possibility that somebody using this plan in the middle of his/her financial life. If I already have a corpus built for retirement, how do I get that accounted for in this plan? Changing the start date/duration may achieve this but will need a lot of tweaking to match current reality. Would it be possible to build a plan account for current situation (not starting from 0) and start now?

    Thanks again.

    Best regards,
    Deepak

    Reply
  21. K Karthikeyan

    Dear Sir,
    Excellent service this calcualtor .I will require the XLS file for keying in my personal data .Thanks & regards
    Karthikeyan

    Reply
  22. K Karthikeyan

    Dear Sir,
    Excellent service this calcualtor .I will require the XLS file for keying in my personal data .Thanks & regards
    Karthikeyan

    Reply
  23. Rama Adyanthaya

    Dear Mr. Pattabiraman,
    I appreciate your efforts in bringing out a Financial Plan in excel template. I have not gone through the calculations. It appears very simple and can be adopted easily. Thanks.

    Reply
  24. Rama Adyanthaya

    Dear Mr. Pattabiraman,
    I appreciate your efforts in bringing out a Financial Plan in excel template. I have not gone through the calculations. It appears very simple and can be adopted easily. Thanks.

    Reply
  25. Saurabh

    Excellent Tool Mr Pattabiraman. Wonderful effort & skill in getting all pieces together in a single place. Is extremely utilitarian!!

    Reply
  26. Saurabh

    Excellent Tool Mr Pattabiraman. Wonderful effort & skill in getting all pieces together in a single place. Is extremely utilitarian!!

    Reply
  27. Arun

    Thank you for this calculator, and all the other calculators and articles! I recently got hooked to your website. I regret not finding it earlier, could have started planning so much earlier. Cant thank you enough for the efforts you have put in.

    Reply
  28. Arun

    Thank you for this calculator, and all the other calculators and articles! I recently got hooked to your website. I regret not finding it earlier, could have started planning so much earlier. Cant thank you enough for the efforts you have put in.

    Reply
  29. Harikrishna SP

    It is really awesome. Since I am a new distributor at bangalore. I need a small help from you.
    I need a client tracker which provides Name of the client,address, phone no and reference details. As each client is referred by a referral who is also my client. The referral client becomes trunk and the referred client becomes the branches.
    In this way, we can come to know how many loyal clients have

    Is this possible with the help of an excel

    Reply
  30. Harikrishna SP

    It is really awesome. Since I am a new distributor at bangalore. I need a small help from you.
    I need a client tracker which provides Name of the client,address, phone no and reference details. As each client is referred by a referral who is also my client. The referral client becomes trunk and the referred client becomes the branches.
    In this way, we can come to know how many loyal clients have

    Is this possible with the help of an excel

    Reply
  31. Kartick

    Hi Pattu,

    In the field "Current monthly expenses" do you advise that we put only that part of the monthly expense that would continue post retirement. For e.g., expenses like kid's school fees, current house rent (could be high for a short while for various constraints) would not be there post retirement. So, is it a good tactic since putting all these expenses may inflate the investment required amount.

    Rgds
    Kartick

    Reply
  32. Kartick

    Hi Pattu,

    In the field "Current monthly expenses" do you advise that we put only that part of the monthly expense that would continue post retirement. For e.g., expenses like kid's school fees, current house rent (could be high for a short while for various constraints) would not be there post retirement. So, is it a good tactic since putting all these expenses may inflate the investment required amount.

    Rgds
    Kartick

    Reply
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  35. DIPAK

    Dear Pattu Sir,

    what is the difference between doing SIP 'at the beginning of month (0)' and 'at the end of month(1)'. ? Does investing at the end of month required less money(SIP) to generate our goal amount? (while using your calculator it shows around Rs.1000 difference).

    Reply
  36. DIPAK

    Dear Pattu Sir,

    what is the difference between doing SIP 'at the beginning of month (0)' and 'at the end of month(1)'. ? Does investing at the end of month required less money(SIP) to generate our goal amount? (while using your calculator it shows around Rs.1000 difference).

    Reply
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  38. Guru

    Pattu Sir,

    in the integrated financial planner file, Insurance sheet.

    The net insurance required should take into account the already available insurance. This is not deducted.

    could you check this please or you want the insurance to be over and above what one already has.. 😉

    Reply
  39. Vivek

    This is amazing. Many thanks to everyone who contributed towards making this. Just a couple of observations:

    1. There should be a way to enter current corpus
    2. In cash flow worksheet, the cash available for a particular year should be cumulative of cash that was saved in previous years. Currently, the analysis just lists the cash difference for current year

    Hope this is useful in improving the utility of the tool.

    Regards

    Reply
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  44. debt settlement

    Hi, I do think this is a great website. I stumbledupon it
    😉 I am going to revisit yet again since i have saved as a favorite it.
    Money and freedim is the greatest way to change, may you be rich and continue to guide other people.

    Reply
  45. Varun N

    hey "pattu"! 🙂

    im so very glad i came across your twitter feed - and consequently your treasure trove. thanks very much - been struggling with FPMs from the various banks who make life complicated. Kudos for your work.

    Reply
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  49. Navneet Karnani

    Great tool.

    Can you add one small feature in this sheet ? I noticed that the "monthly expense" and "annual expense" listed in the retirement planning sheet is the one used for all calculations.

    I anticipate that the expenses, both monthly as well as annual, will go down in the retirement phase since the children would have their own financial support to take care of a lot of current expenses.

    Can you please add a column to specify "Expected monthly expense (post retirement)" ? I am sure the number changes would help reduce the required investments and hence the cashflow.

    Reply
  50. rishabh

    Hi,

    First of all congratulations on such a good work. I must say it is a Gr8 & commendable effort.
    I would like to mention 2 points to note for betterment of the template which are:
    1) Balance cash flows should be available for next year investment / expenses / deficit.
    2) Monthly expenses should be divided into 2 categories ie currently & post retirement.

    Reply
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  52. Leena Narayanan

    This is an excellent article ! I am an Educationist, working to bridge skill gap among students at a cost of 10 rupees per student. Fiancial planning and goal Setting are the most important measures to have them self-driven. I will be thankful to you if you allow me to use this in printed version with my students.

    Reply
    1. freefincal

      Thank you. I am a teacher too (Physics). Feel free to use it. Would appreciate of if you ca urge your students to use the tools here.

      Reply

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