3 reasons why you should review financial goals regularly

One of the most effective ways to achieve your goals and dreams is to have a personal financial plan, but unless you keep it up to date, it may not be working as effectively as it could. That's why it's important to regularly review the progress you are making towards the goals and the savings strategy that you have in place to help make sure you're still headed in the right direction.

Some of the reasons you might need to revise your financial plan include:

• You've accomplished one or more of your short- or long-term goals, such as taking that special vacation you've been planning for so long or paying off your mortgage;

• Your children might have started college so you don't need to be contributing to an RESP anymore;

• Your personal situation has changed – perhaps through a new job or because your parents need more help to stay in their own home as they age.

Most financial experts agree that regularly reviewing the goals upon which your financial plan is based will help you to stay on track to fulfill them.

“Whether it's part of a regular financial review or whenever a major change happens in your life, it's a good idea to list all of your goals and check their progress so you know how close you are to achieving them,” says Lee Bennett, senior vice-president, TD Wealth Financial Planning.

Life is unpredictable, which is why you can never 'set and forget' your financial plan. Think of it like checking a map on any trip and adjusting your route as necessary to deal with whatever life throws at you.