Step 7: Looking Ahead
Any good plan must involve monitoring, periodic review, and occasional re-evaluation. A spending plan is no different. Circumstances may change, mistakes can be made and your needs will vary at different times in your life.
When you first build your spending plan, you are going to need more time to monitor it to ensure that it is based on realistic information. It will take a month to start falling into place.
During the second month, you will work out some of the kinks and the routine will start to become part of your daily thinking. It should now start to fall into place more easily.
By the third month, your spending plan should be up and running. Congratulations, you have taken control of your finances! However, if it isn’t working yet, ask yourself a few questions:
- Did I calculate my income correctly?
- Are my expense figures accurate?
- Is everyone’s income and expenses accounted for?
- Is my plan based on actual numbers or what I hope I can earn or spend?
- Did I give it a fair chance?
- Do I need professional advice?