Create Your Personal Finance Plan in 7 Days!
Posted on 3 February 2014 - 05:40am
A lot can happen within a day: you can set future goals, fix personal problems, earn a living, and essentially make the world a more livable place.
Now, imagine what you can achieve if you had seven days.
If you wish to get your personal finances in order within a week’s time, here’s a plan you might want to consider executing:
Day 1 – Establish your goals
Every important process involves a clear statement of goals.
During this first day of your route to financial comfort, be sure to clearly establish what you want to achieve.
Is it clearing you of debt?
Is it acquiring more money?
Is it starting a significant savings?
A combination of all of those things?
If so, which takes priority?
Knowing specifically what you want is what would ensure you’ll get it.
Day 2 – Figure out where you stand financially and plan accordingly
Take out all your finance-related documentation (bills, credit card statements - all of it) and with these documents, assess where you are financially.
Take a keen look at your financial habits, how much money you make, find out what’s been holding you back from your established financial goal and create a plan with these hindrances in mind, one that is in line with your goal.
By doing this step, you can find out exactly what you need to change and you can more effectively figure out how to do so.
Day 3 – Create a budget Any plan involving money involves a budget.
Create a budget based on your existing income against your regular financial obligations.
Creating a budget will allow you to eliminate any unnecessary expense as you know where every penny goes.
Day 4 – Focus on your income
How much money do you actually make?
Are there ways in which you can make more?
These are questions you need to find answers to when trying to fix your financial plans.
If you find your current income lacking when it comes to the fulfillment of your goals, this is a good time to look into additional sources of revenue.
Day 5 – Start implementing your personal financial plan Even if your first step involves small things, like changing your spending habits in specific areas, it’s a good thing to implement those changes.
By implementing your plan, even the smaller steps of that plan, there’s an added level of motivation as you personally can see that achieving your goals is indeed possible.
It never hurts to give yourself a push.
Day 6 – Start thinking long term Since your initial plan is underway at this point, it’s best to expand that plan to fit a more long-term image of your ideal financial future.
After you’ve achieved your goals, what then? T
hink long term and you’ll be able to shift your general financial behavior to a more positive direction completely.
Day 7 – Prepare for contingencies So, you have your goals, your initial plan, your long-term plan and you’ve even started executing your initial plan.
It’s time to consider the worst-case scenario now.
What happens if the plan doesn’t work?
Anticipate potential problems and construct plans to meet those problems head-on.
A week of financial focus can do wonders for your life.
Take the time to organise your finances and adjust your mindset in line with your goals and you can definitely achieve them!
Andreas Weiler is a money-saving expert with Malaysian financial comparison platform CompareHero, aimed at helping Malaysians save time and money.
For more tips visit www.comparehero.my.
p16 Money TalkNow, imagine what you can achieve if you had seven days.
If you wish to get your personal finances in order within a week’s time, here’s a plan you might want to consider executing:
Day 1 – Establish your goals
Every important process involves a clear statement of goals.
During this first day of your route to financial comfort, be sure to clearly establish what you want to achieve.
Is it clearing you of debt?
Is it acquiring more money?
Is it starting a significant savings?
A combination of all of those things?
If so, which takes priority?
Knowing specifically what you want is what would ensure you’ll get it.
Day 2 – Figure out where you stand financially and plan accordingly
Take out all your finance-related documentation (bills, credit card statements - all of it) and with these documents, assess where you are financially.
Take a keen look at your financial habits, how much money you make, find out what’s been holding you back from your established financial goal and create a plan with these hindrances in mind, one that is in line with your goal.
By doing this step, you can find out exactly what you need to change and you can more effectively figure out how to do so.
Day 3 – Create a budget Any plan involving money involves a budget.
Create a budget based on your existing income against your regular financial obligations.
Creating a budget will allow you to eliminate any unnecessary expense as you know where every penny goes.
Day 4 – Focus on your income
How much money do you actually make?
Are there ways in which you can make more?
These are questions you need to find answers to when trying to fix your financial plans.
If you find your current income lacking when it comes to the fulfillment of your goals, this is a good time to look into additional sources of revenue.
Day 5 – Start implementing your personal financial plan Even if your first step involves small things, like changing your spending habits in specific areas, it’s a good thing to implement those changes.
By implementing your plan, even the smaller steps of that plan, there’s an added level of motivation as you personally can see that achieving your goals is indeed possible.
It never hurts to give yourself a push.
Day 6 – Start thinking long term Since your initial plan is underway at this point, it’s best to expand that plan to fit a more long-term image of your ideal financial future.
After you’ve achieved your goals, what then? T
hink long term and you’ll be able to shift your general financial behavior to a more positive direction completely.
Day 7 – Prepare for contingencies So, you have your goals, your initial plan, your long-term plan and you’ve even started executing your initial plan.
It’s time to consider the worst-case scenario now.
What happens if the plan doesn’t work?
Anticipate potential problems and construct plans to meet those problems head-on.
A week of financial focus can do wonders for your life.
Take the time to organise your finances and adjust your mindset in line with your goals and you can definitely achieve them!
Andreas Weiler is a money-saving expert with Malaysian financial comparison platform CompareHero, aimed at helping Malaysians save time and money.
For more tips visit www.comparehero.my.
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