You have heard the phrase that “an apple a day, keeps the doctor away” or something like that. Most of us are not real keen on the idea of going to the doctor (some I have seen live for those times) and will do anything to avoid the poking, prodding, shots and lectures that our medical professionals give.
When it comes to finances, there are some things that you can do that will help in your financial health too. Like the medical conditions prescribed by our doctors, employing the required tasks early will help you make sure you are successful later in life.
First, get started early. Learn to manage your finances (as opposed to them managing you) before you get into trouble. Everyone is going to go through a rough patch here and there financially. Those who have planned properly are going to weather those patches more easily than those who are thrown into the problem with no plan. Build a plan for your finances. Include short and long term objectives.
Second, execute your plan. So many, me included, are better at planning than we are at execution. Take the plans that you have made and make them part of your life. One of my clients has made their plan a daily part of their life. They have taken their goals/objectives, their monthly budget and their debt plan (all on paper – CRITICAL) and have them posted on their closet door. As they leave their closet each morning, evening and potentially several times a day – they are constantly reminded of their plan and their most current status.
Finally, build in accountability. This is huge. You really need someone to help keep you on track. Your spouse, assuming you are married, is your primary accountability partner and should know the absolute details of your family’s finances and plan. Outside of that, you can have others who know you are on a plan, may not know the intimate details, but who are there to ask and encourage you to succeed according to you plan. Use people in and around you to make you stronger financally.
A financial plan is not quite and apple, but it will work!
Finally, build in accountability. This is huge.
YEP, TOTALLY AGREE!