Your Daily Choices Matter
Control Your Daily Inputs
Healthy financial management really depends on the focus and habits that you build over time. There are three specific inputs that contribute towards developing a strong financial plan. Spend time creating specific goals and benchmarks for each one.
- Debts in relation to income – this includes all of your obligations, including favors and commitments you have made to other people. Financial and time commitments use precious resources. Be clear and strategic about what you commit to.
- Living expenses in relation to income – this is the total cost of providing for your current needs and commitments.
- Assets & Resources – the accumulation of experiences, expertise, connections and possessions that culminate into your unique financial profile. Leverage these assets and resources strategically to build the life you want to have.
Track Your Outcomes
Your daily choices add up over time. When you consistently focus on healthy financial management, the outcomes will strengthen your financial health. Otherwise, you’ll experience frustration and anxiety that will drain your time, money and resources. If you find yourself feeling lost or overwhelmed, take a look at the outcomes of your current daily choices. Identify those areas that are creating roadblocks or distractions; keeping you from doing the things you want. Design an action plan to reduce and eliminate barriers preventing you from achieving your goals.
Review. Revise. Adjust.
Life has a rhythm. There are cycles and seasons. Some things you can plan for in advance while other things are totally unexpected. Make sure your plans and strategies allow for flexibility to adjust as things change. Take time to reflect on what is working and what isn’t. Look for opportunities to continue building your resources and assets for increased financial freedom.
Ready to take the next step?
Check out Financial Wellness 101 – The Ultimate Financial Handbook for Young Professionals. We also offer 1:1 Financial Coaching to help you create a clear roadmap to improve financial wellness.