Flex Your Finances: Schedule a Money Review

Working toward long term money goals can be exhausting. You make major changes, save, and spend wisely, but it could take years before you reach your goals. That’s why it’s important to track your progress along the way. Not only will it help you double check that you’re following your plan, you will get to see the difference your hard work is making on your finances. Follow these steps to make the most of your financial review.

Schedule a time for your money review:

Make this a time when you have at least thirty minutes to sit down and go over your spending, savings progress, and debt repayment progress. If you have joint finances, make sure your partner is available for the money review too. It’s important for everyone involved to know where the household money is going.

Compare and measure:

Compare your current habits with the plan you made for yourself. Are you following through or falling short? Measure and make yourself a little report. Nothing will reinforce your determination like seeing measurable results, even if they’re still small right now.

Discuss modifications:

Even the best laid plans can require a little tweaking here and there. If something about your financial plan just isn’t working, that’s okay. Financial plans aren’t a one size fits all product. If your current budget is causing too much stress, discuss other options. If you’re trying to pay down debt quicker, consider debt consolidation or refinancing. Lower interest rates will allow you to apply more of your payment to the principal.

When you’re money review is finished, schedule the next one. It can be one month later or three months later, but don’t forget about it. If you need a little help with your financial goals, don’t hesitate to contact us. We’re here to help!