Life moves quickly, and five years can pass in the blink of an eye. As women executives, we often plan for others—our teams, families, and businesses—but how often do we plan intentionally for ourselves? Creating a 5-year financial plan is about focusing on your goals and aligning your finances to achieve them. It’s not about what you should be planning for, but rather what you truly want from your future.
At WealthChoice, we specialize in crafting customized financial plans tailored to women’s unique needs. Let’s explore how to define your vision, prioritize your goals, and build a financial roadmap to support your dreams.
What Do Your Next Five Years Look Like?
The first step to creating a 5-year financial plan for women is to visualize where you’d like to be in five years. What does success look like to you? Is it a career milestone, starting a business, buying a dream home, or funding your child’s education? Maybe it’s retiring early or transitioning into a role that offers more flexibility.
Women executives face unique challenges when it comes to financial planning—career gaps, caregiving responsibilities, and systemic pay gaps. That’s why it’s crucial to ask yourself what you want, rather than defaulting to societal expectations or outside pressures.
What Are You Planning For vs. What You Think You Should Be Planning For?
One common mistake women make is financial planning based on what they think they should prioritize. For example, you might feel obligated to plan for your children’s futures before your own. Typically, they have a much longer runway for their financial goals, however this “obligation” can more drastically impact your plan and retirement goals. While caring for loved ones is important, your financial health needs to come first. A solid 5-year financial plan will give you the foundation to support others while achieving your personal goals.
Ask yourself:
- Am I saving for what truly matters to me?
- Are my goals aligned with my personal vision for the future?
- Am I balancing my current needs with my long-term aspirations?
To make this easier, we created the Passions and Pursuites worksheet, which you can snag here.
How to Determine Priorities and Align Finances
Defining your priorities starts with understanding what matters most. Take the time to list your goals and categorize them: short-term (1–2 years), mid-term (3–5 years), and long-term (5+ years).
For example:
- Short-term: Build an emergency fund or pay off credit card debt. This could also be preparing for a promotion to increase your earnings.
- Mid-term: Save for a down payment on a home or fund a career sabbatical.
- Long-term: Plan for retirement and/or fund a child’s college education.
Once you’ve defined your priorities, work with a financial planner to structure a financial plan that ensures your money is working toward these goals.
5-Year Financial Plan for Women Must Define What You Want From Your Future
Your financial plan should reflect your aspirations, not someone else’s. This means digging deep to define what you actually want from your future. Do you dream of financial independence, early retirement, or a career pivot? Are you prioritizing travel, philanthropy, or investing in a new venture?
At WealthChoice, we believe that no two women are the same—and neither are their financial plans. That’s why we work with you to create a customized 5-year financial plan that’s built around your unique values, goals, and dreams.
Why WealthChoice is Different
At WealthChoice, we don’t use cookie-cutter strategies. Instead, we partner with you to create a financial plan that’s both practical and exciting (because it gets you where you want to go). By focusing on your vision for the next five years, we help you align your finances with your personal and professional goals. Together, we’ll map out a plan that gives you clarity, confidence, and control over your financial future.
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FAQs for Creating a 5 Year Financial Plan for Women Breadwinners that Supports Your Goals
What is a good 5-year financial goal as women?
A good 5-year financial goal depends on your personal circumstances, but some examples include building a robust emergency fund, paying off debt, saving for a home, starting a business, negotiating a raise or investing for retirement. The key is to ensure your goals are measurable, achievable, and aligned with your values.
How do you plan financially for the year?
Start by setting clear financial goals for the year, such as saving/investing a specific percentage of your income or reducing debt. Create a budget that tracks income and expenses, automate savings and investments, and regularly review your progress. Working with a financial planner for women can help ensure your short-term actions support your long-term vision.
When should I review my 5-year financial plan?
Review your 5-year financial plan at least once a year or whenever you experience a significant life event, such as a job change, marriage, or having children. Regular updates ensure your plan stays aligned with your evolving goals.
Can I create a 5-year financial plan on my own?
While it’s possible to create a plan on your own, working with a financial planner for women can provide expert guidance and customized strategies tailored to your unique circumstances and goals.
Why is future planning important for women?
Women often face unique challenges, like career gaps, caregiving responsibilities, and longer lifespans, which can impact their financial futures. Future planning helps women address these challenges, prioritize their goals, and create financial security.
