A monthly review of your money plan, as outlined in a written monthly budget and other basic records, can be very helpful in becoming more successful with money. The value of your monthly financial planning time can be improved by focusing on the key steps that can make it more productive.
Monthly Planning in Your Money Success Program
No financial plan can work if it is nothing more than a piece of paper sitting in a drawer somewhere. That is why a monthly session designed to help you review your plan and adopt specific immediate action steps is essential.
Included on this site is a page specifically outlining the overall monthly planning concept, Monthly Financial Planning. Check this out for more details about this part of your financial program.
This article focuses on an action step you can take to make these sessions more productive. There are several things you can do every month to guarantee you make the most of your time. Here is a way to see that they are not neglected.
How to Improve Monthly Money Planning
Look over this list for ideas about some of the things you can do. Then make your own list with the various items here and perhaps others you can identify, personalized as much possible. Write out your list and use it as a guide for your monthly planning session.
- A set time and place. Set your own schedule but make sure you are consistent from month to month.
- Keep a financial journal or record of your financial achievements. By writing down what you do each month you will get more done and spend less time thinking about what needs to be done next time.
- Balance your checkbooks (at least monthly).
- Make sure all bills are paid (go online and make sure all accounts including those without a balance are current).
- Calculate your net worth.
- Review your spending plan for needed changes. Do not be afraid to change your goals or plans when circumstances in your life change.
Use your list during your monthly planning to assure you are not missing anything. Think about how your financial progress relates to your long term goals such as developing the passive income you need to make it possible to live without a nine to five wage limited job (your financial freedom goal).
Monthly Planning Produces Success
Your long term money plans may be thirty years off but when your short term goals, as seen in your monthly budget plan, are seen as a component of that overall goal it is easier to stick with the plan.
Increase your monthly financial planning skills and, as time goes along you will probably be able to shorten up the time frame for achieving your financial independence goals.
