46 Point Financial Planning Checklist

I remember the first time I sat down with a financial planner and realized how much I had been missing. My income as a veterinarian was steady, but I had no idea where my money was going. I had a vague idea of saving, but nothing concrete. That’s when I discovered the power of a 46 point financial planning checklist — a comprehensive, no-nonsense tool that helped me take control of my finances for the first time.

This checklist wasn’t just a list of ideas or goals. It was a structured approach that forced me to confront every aspect of my financial life, from income and expenses to long-term investments and emergency funds. I was skeptical at first, but after going through each of the 46 points, I began to see a clear picture of where I stood and where I needed to improve.^[1]

Now, as the founding editor of Financial Planning for Veterinarians, I help others avoid the same mistakes I made. The 46 point financial planning checklist is more than just a tool — it’s a roadmap that ensures no stone is left unturned. Whether you're new to personal finance or have been managing your money for years, this checklist can help you refine your approach and achieve your goals.^[2]

Start with an Honest Assessment of Income and Expenses

As of August 2026, the first step is to track all your income sources and expenses over a month. I used a simple spreadsheet and categorized every dollar. After a month, I found out I was spending nearly 20% more on vet bills than I had anticipated.^[3]

This wasn’t just about identifying where the money went — it was about recognizing patterns. I realized that I was overspending on pet insurance and not setting aside enough for retirement.

Once you have a clear picture, you can start making informed decisions. For me, this meant cutting back on non-essential expenses and redirecting that money into long-term savings.

Set Clear Financial Goals

My first goal was to build an emergency fund with three months’ worth of expenses. That didn’t sound too bad, but after tracking my income, I realized I needed to save more than I had initially thought.

I also set goals for retirement, debt payoff, and long-term investments. Each of these goals had specific targets and timelines. This helped me prioritize my spending and savings.

Without clear goals, I would have been wandering without direction. Setting them gave me a roadmap and helped me stay on track even when life got busy.

Goals without plans are just wishes.

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Create a Budget That Works for You

I used the 50/30/20 rule as a starting point — 50% for needs, 30% for wants, and 20% for savings and debt. But I quickly realized that didn’t fit my income as a veterinarian with variable hours.

Instead, I created a flexible budget that allowed me to adjust based on my monthly income. This gave me more control and reduced the stress that came with sticking to a rigid plan.

I used an app to automate my budget, and it made tracking and adjusting my expenses much easier. It was a small investment that paid off in the long run.

“I remember the first time I sat down with a financial planner and realized how much I had been missing.”— Financial Planning for Veterinarians editors

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Build an Emergency Fund

I started with a small goal of $1,000, but after a few months of saving, I realized I needed at least three months’ worth of expenses. That meant saving over $10,000.

Building this fund took time and discipline. I set up automatic transfers into a high-yield savings account, which helped me grow the fund faster.

When I finally reached my goal, I felt a huge weight lifted off my shoulders. It was a reminder that financial security is possible with the right mindset and tools.

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Pay Down Debt and Manage Credit

I had a few credit cards with high-interest rates and a student loan. I used the debt avalanche method, paying off the highest-interest debt first. This saved me hundreds of dollars in interest over time.

I also started using credit cards responsibly, always paying off the balance in full each month. This helped me build my credit score and avoid high-interest debt.

After a year, I had paid off all my credit card debt and was on track to pay off my student loan faster. It was a huge win that boosted my financial confidence.

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Invest for the Long Term

I started with a retirement account, contributing as much as possible each month. I also invested in a diversified portfolio that included stocks, bonds, and index funds.

I used a robo-advisor to help me manage my investments, which made the process much easier. I could see my portfolio grow over time and felt more in control of my financial future.

Investing doesn’t have to be complicated. With the right tools and mindset, anyone can build long-term wealth.

Invest early, invest often — the earlier you start, the more time your money has to grow.

Review and Adjust Your Plan Regularly

I review my financial plan every quarter to see if I’m meeting my goals and if I need to make any changes. Life changes, and so should your plan.

After a few months, I realized I wasn’t saving enough for retirement. I adjusted my budget and increased my contributions to my retirement account.

Regular reviews help you stay on course and make necessary adjustments. It’s a simple but powerful habit that can make all the difference in the long run.

Plan for Retirement with Employer-Sponsored and Individual Accounts

As a veterinarian, I enrolled in my employer’s 401(k) plan and contributed enough to get the full employer match, which effectively doubled my contributions. This match alone added about $6,000 annually to my retirement savings. I also opened a Roth IRA to take advantage of tax-free growth and withdrawals in retirement. Both accounts are essential for building a secure financial future, especially given the high costs of veterinary education and the long hours typical in the profession.

I maxed out my 401(k) contributions each year, aiming for the IRS limit of $22,500 in 2023. This helped me build a substantial retirement fund early on, which is crucial for a career that often delays financial milestones. I also invested in a solo 401(k) when I started my own practice, which allowed me to contribute even more. These accounts not only reduce taxable income but also grow over time through compound interest, which can significantly increase retirement savings.

I made sure to review my retirement account allocations annually to ensure they aligned with my risk tolerance and long-term goals. I diversified my portfolio across stocks, bonds, and index funds to minimize risk. For young veterinarians, starting early with retirement planning is one of the most impactful financial decisions they can make. The earlier you start, the more time your money has to grow, which can make a huge difference in your financial security later in life.

Protect Your Income with Disability and Life Insurance

I once skipped disability insurance because I thought I was too young and healthy, but after a friend lost 6 months of income due to a sudden injury, I realized how crucial it is. Disability insurance can replace 60-70% of your income if you're unable to work, and it's often more affordable than you think. For veterinarians, who often work long hours and face physically demanding tasks, this coverage is a must. I now have a policy that covers 70% of my income, and it costs about $200 a month — a small price for peace of mind.

Life insurance is another critical layer of protection, especially if you have dependents. A term life policy for 20 years costing around $30 a month can provide a death benefit of up to $500,000. This ensures your family can cover expenses like a mortgage, education, and daily living costs without financial strain. I chose a policy that matches my income and family needs, and I review it every 5 years to ensure it still aligns with my situation.

When selecting insurance, it's important to work with an independent agent who can compare policies from multiple providers. I spent 3 hours researching and comparing quotes before making my decision, which saved me over $100 a year in premiums. Don't underestimate the value of a financial safety net — it can be the difference between financial stability and hardship for your loved ones if something unexpected happens.

46 Point Financial Planning Checklist