The Financial Game Plan
Money stress is a big downer. It’s easy to get worked up about our finances, to the point where we yo-yo. You’d recognise it once you saw it; yo-yoing between complete avoidance of all financial discussion or work and a frenzied schedule of strict financial control. A game plan of how to approach your finances, what to check, when to check it, how much is too much, is a big help in getting back some financial control. Here are a couple of suggestions.
Check: Daily
Around the end of the day, do a quick round up of need-to-know information. Check your emails. Open up anything from your bank, as ignoring it could (in my experience) warrant a phone call from someone who suggests with their tone of voice that you are somewhat unorganised. If you watch the stock market, set aside a bit of time every day and make sure you don’t gawp at it outside of that time.
Check: Weekly
Your bank accounts, to ensure everything is in proper working order. Set aside a time once a week where you transfer your weekly spending budget and get it out in cash from the ATM. Have a look at your credit cards and make sure there’s nothing untoward there. Revise what bills are coming out of your account and ensure you have enough money in your account to pay them. You can decide whether a daily or weekly update of your spending diary works best for you- keeping the information up to date will help you in your budgeting and your financial planning. A weekly check is also a good way to keep on track and within your budget.
Check: Monthly
Check your credit card, and pay it in full. If you’re not quite there yet, make sure you’ve got enough money to pay over the minimal repayments, otherwise it could be hard to shift the eventual balance. Whether you pay your mortgage or rent by the month or by the week, make sure it’s all squared at the end of the month. Put together a projection of your bill payments over the upcoming month so you’ll know when you’ll need to have a little bit extra set aside.
Check: Quarterly
Set aside a couple of hours every three months to do a more in-depth check. Pull together your spending information and revise your budget. Keeping your budget updated will do wonders for your finances, as nothing is more powerful than knowing exactly where you stand.
Check: Yearly
File your taxes. Have a look at your super account, and make any necessary changes. This should definitely include reevaluating your voluntary contributions. Have a think about your current employment and how it suits you, both in career terms and financially. Are there are any changes you would like to discuss with your employer? Do a quick check that your credit card, savings accounts and super fund are all still the most appropriate choices for your financial stability.
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