The more steps you make towards Financial Excellence, the more important it becomes to build in some time on a regular basis to check how you are doing and start looking at longer term goals and plans.
Today’s task is to set a regular appointment with yourself, during which you can dedicate some time to updating the state of your finances. Ideally you would find a set moment a week that you can nearly always dedicate to this new habit, such as every Sunday evening, Saturday morning or Wednesday at 12:00. In this way you are less likely to forget and more likely to stick to this new routine.
This is the perfect time to tidy up some loose ends, track your progress on some of the challenges and set new targets.
Things to review at this stage include:
- your expenses – log anything you haven’t yet registered
- your budget – see how you are doing and make any adjustments as needed
- limit one expense – evaluate your progress, set new targets
- build an emergency fund – track how much you have contributed this week
Feel free to take notes during this Weekly Money Moment in a notebook or to register some numbers or targets in a digital spreadsheet. In this way you will be able to see your progress over time.
Set an appointment with yourself today for approximately 15 minutes and go through the above and / or any of the challenges in general. At the end, schedule in time next week to repeat this process at a day and time that works for you. As you go through the remainder of the 31 Challenges, each Weekly Money Moment will likely have more things to review as you keep adding in more habits and goals.
Once you’re done with your Money Moment today, let us all know in the Facebook Group or via Twitter or Instagram, using the same hashtag as always: #31DayChallengeToFE. You can read more background information about a weekly Money Moment in Step 18: Start a Weekly Finance Review of the 100 Steps Mission to Financial Independence.