Everyone has a financial framework. Even those without a budget have a financial framework. And yes, even those without financial goals have a framework. But that isn’t to say it’s a great one! If you want to build a strong financial plan – a robust financial framework – you’re going to have to follow a few steps.

Building your own financial plan isn’t easy, and it can take time to produce something that will last over the years. Remember, when you’re looking to build a financial framework, you want something that will apply to at least the next 5 to 10 years of your life – not something that will fizzle out as soon as an emergency strikes.

When I first got married, I spent a lot of time drawing flowcharts and diagrams on how money should flow from our income sources to our expenditures, debts, and investments. That financial picture has changed quite a bit since that time, and for good reason . . . I didn’t have a clue what I was doing!

Since then, I’ve learned a great deal about budgeting and planning for the future. I’d like to share these steps with you so you can build your own financial plan.

Step 1: Gather Sound Financial Principles.

This may take some time if you’re just starting to improve your financial life. But it is a step that can continue as you grow and learn about personal finance. Always be learning, and never close your mind. Be open to the advice of others – but being open doesn’t mean you follow everyone’s advice!

Here are a few of the most important financial principles I’ve learned over the past few years:

Get and maintain a budget.

Spend less than you earn – and confirm you are by tracking it!

Debt is like a cancer to your financial life.

Emergency funds are truly wonderful – they keep you from going into more debt.

Giving should be at the top of your prioritized spending list – it keeps money in perspective and purpose in your work.

Focus on individual financial goals will help you achieve financial freedom faster.