Suppose that you just completed your first year of college with $12,000 in loans and plan to borrow the maximum each year from now until graduation- You have never accounted for the way you spend your money, do not have a budget, and want to insure that you will be able to repay your loans after college- What is the most important thing you can do right now?

What is the most important step in financial planning?
Monitoring Your Financial Progress. Regular communication and follow-up are important steps in the financial planning process. In fact, creating the plan is really just the first step. You'll have ongoing contact with your planner to find out whether you are on track to meet your financial goals.