How Often Should You Review Your Financial Plan?

Your financial plan is not a "set it and forget it" document. It's a living, breathing roadmap that should evolve alongside your life. Just like annual physicals help monitor your health, regular financial check-ins ensure your financial well-being stays on track. So, how often should you really be reviewing your financial plan?

At Least Once a Year, More Often if Life Changes

A general rule of thumb is to review your financial plan at least once a year. This annual check-in allows you to evaluate your goals, track your progress, and adjust your strategies. But major life events may and should prompt additional reviews. Did you recently change jobs, get married, have a child, buy a home, or receive an inheritance? Each of these milestones may significantly shift your financial picture and your plan should reflect that.

Stay Aligned with Your Goals

Your goals may change as your life does. What was important to you five years ago might not be a priority today. Whether it's buying a second home, funding a child’s education, or preparing for retirement, periodic reviews help ensure your strategies align with your current vision. A well-aligned plan may also give you peace of mind and a clearer sense of control over your financial future.

Markets and Legislation Don’t Stand Still, Neither Should You

Financial markets, tax laws, and economic conditions are always shifting. A sound plan today may need a few tweaks tomorrow to stay effective. Regular check-ins with a financial advisor may help you stay proactive rather than reactive, optimizing your investments and tax strategies in real time.

Partner with an Advisor Who Understands You

Working with a trusted financial advisor makes the review process smoother and more insightful. Advisors may provide objective feedback, identify opportunities, and help you avoid costly mistakes. They’ll help you stay disciplined during market fluctuations and ensure your plan is resilient under various scenarios.

Take Control. Start the Conversation.

Reviewing your financial plan isn’t just about numbers, it’s about making sure your money is working toward the life you envision. Proactive planning and periodic reviews are key to long-term success. Whether you’re just getting started or revisiting an established plan, now is the perfect time to take action.

For expert guidance tailored to your unique goals, contact Stonecrop Advisors at info@stonecropadvisors.com. Let’s build your future together.