Financial FIRST Friday's

With BNew

Get Your Life ‘In Financial Planning’ (Step 5)

March 1, 2019:

Okay! ITS GO TIME!!!  

 

You have your plan. Now you just simply need to put your plan to work! Simple? While it sounds simple, many people find that implementation is the most difficult step in financial planning. Although you have the plan developed, it takes discipline and desire to put it into action. Sometimes, you might begin to wonder what may happen if you fail. This is where inaction grows into procrastination. Successful investors will tell you that just getting started is the most important aspect of success.

 

You don't need to start out at a high level of savings or at an advanced level of investment. You could learn how to invest with just one fund or you could start saving a few dollars per week to build up to your first investment. The point is to make your financial strategies achievable and to consider slowly moving up to desired savings rather than jumping into something that may be challenging if implemented too fast for your comfort level and budget.

 

Start by creating a list of the strategies you've identified and decide which goals you'll pursue now. Look for a balanced approach toward short, intermediate, and long-term goals that will help you to plan for a few months and a few years down the line.

 

Slow and steady wins the race. Remember to take one step at a time. Select carefully your week goals and the actions that you are going to take to reach it. This will also force you to take immediate actions and to track every success. By doing so you will create a road map that will take you toward your goals. In addition, it is a good way to motivate yourself and encourage you to reach your long-term goals.  

 

Use it or lose it! Once you have your weekly goals, don’t just save it and close it or shove it in a drawer. Leave it open somewhere on your computer screen or post it on the refrigerator. This will be a reminder that will help you to keep it in the forefront of your mind and actions.  Also, devote at least one hour at the end of the week to keep your plan up-to-dated and determine if you achieved your previous week goals. I know that this may be a bit difficult as we all tend to be very busy. Nevertheless, it is important to find the time to assess your implementation plan week by week.

 

The most important thing…hold yourself accountable for these decisions and actions! If you've committed to spending $50 less per month on coffee and placing that money in a savings account, list that in your budget plan. www.toolsformoney.com offers some great tools and checklist templates to help keep you organized and on track.


Have faith in yourself, you can do it. But remember, “Faith Without Works Is Dead”! So, get going. Turn your plan into action and Get Your Financial Life!

BNew is here for you and your financial literacy, strategy sessions, personal, and business needs.

Got a financial question?

Email Bnew at BN.theprofessionalproject@gmail.com or

tweet her @BNew_Theproject. 

PHOTO BY SHANTRELLA JONES/THE PROFESSIONAL PROJECT

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