After taking this class, you decide to create a financial plan. You follow your plan all through college, allocating the money from your part-time job to pay for necessities and putting some money into a savings account. After you graduate, you receive a job offer that includes a $40,000 a year salary, benefits, and paid vacation. Based on this salary, you adjust the amount you are putting away in savings by increasing it to $250 a month. This is part of which stage of creating a financial plan?

Question

Quizplus · Accepted Answer

The stage of implementing, monitoring, and revising your financial plan involves making adjustments to your plan based on changing circumstances, such as a new job offer with a different salary. Increasing the amount you are putting away in savings is an example of adjusting your plan to reflect your new income. Setting goals would have been done earlier in the process, while taking control of your finances and creating an emergency fund are both important steps in the overall process of creating a financial plan, but they are not directly related to this specific situation.

After Taking This Class, You Decide to Create a Financial