Managing finances is a nightmare! It can be difficult, especially when one’s income is insecure or insufficient. Then, let’s face it, developing financial planning may be tedious. You could find the entire math and numbers stuff tedious and challenging at times.
You might avoid it, but your finances would suffer as a result. Many of us plan events ahead of time, yet we don’t bother to organize our finances. Do you have any idea what this means? If not use Bridge here.
It means you are blind. You have no idea what your assets and liabilities are. You’re unsure how to reach your financial objectives. Worst of all, you could wake up destitute and impoverished with no idea how you got there!
The key is that you must handle your finances. A personal finance calendar is one tool that can help with this. A personal finance calendar is a tool that allows you to keep track of your finances. It also aids in the setting of financial goals for a specific period. You can do this on a yearly, monthly, or quarterly basis.
What is the purpose of a personal finance calendar?
A personal financial calendar can help you see the year’s big picture and your finances.
You wouldn’t go to combat without any protection. It would help if you didn’t start the year or live your life without understanding your finances.
A personal financial calendar helps you keep track of your spending. A personal finance calendar serves as a safety net even when things don’t go as planned. When things get nasty, it also helps you go back to base.
A personal finance calendar appears to be something you may disregard on the surface.
After that, as the year progresses, you can swing along with it. However, if you’re concerned about your money and finances, you’ll certainly have one.
People usually create a personal finance calendar at the start of each new year.Â
No. It’s not only the “new year, new you, new plans, new adventure theory.”
It’s also because you’ll be able to reflect on the previous year. You can use your spending patterns as a yardstick to estimate how much money you’ll spend this year. There is no one-size-fits-all approach. You can create your customized financial schedule at any time.
Even today, next month, the last month of the year! And here are seven simple actions to follow.
Make a note of this page in case you want to complete yours by December.
Just a thought.
Make calendars for each month
All of the items you’ve written down are now the components of a personal financial calendar. Then you’ll need to figure out how to incorporate these as monthly events.
Make a list of your recurring annual expenses.
Your recurrent expenses for each year are included in your fixed yearly expenditure.
This could include your mortgage, utility bills, rent, school fees, and taxes. This list is used to create your yearly expenses and is an essential aspect of creating your personal finance calendar because you need to know how much money you’re spending.
Don’t forget to note down the payment due dates. You don’t want to be the one who has to miss them. If possible, add these deadlines to your calendar and establish reminders for these crucial financial tasks.
Many people fail to consider or prepare ahead when it comes to their finances. It can feel nearly impossible to save or put money aside for an emergency fund. Writing it down in your personal finance calendar, on the other hand, helps to put things in perspective. You can look at it for a year and decide to take the approach of “small drops of water build a huge ocean.”
Many individuals went about their daily lives before the COVID – 19 epidemic broke out, with nothing stored aside for a rainy day.
Take, for example, James. James was drowning in credit card debt since he didn’t make enough money at his work. He couldn’t see how he’d be able to save, and he didn’t have time to plan or create a personal financial calendar.
James never took a close look at his personal finances and swung by most of the time.
James had nothing to fall back on as the pandemic began.
Create a list of your financial objectives.
What financial goals do you want to attain in the coming year? Or the upcoming period?
Anything might be the case. Perhaps you wish to pay off all of your debts or get insurance.
Perhaps you’d like to diversify your investment portfolio or begin putting money aside for retirement or an emergency fund.
Make a list of your anticipated costs for the year.
After you’ve written down your fixed expenses for each year, the following step is to identify any unique expenses for this year. Perhaps you want to visit your parents, or maybe you want to gift your youngster a new bike.
It would help if you wrote all of this down because it will serve as a guardrail and will allow you to estimate how much you will spend. Include an estimate of how much you plan to spend on food, medical expenses, entertainment, and any incidental expenses.
Even if you can’t predict the exact amount, this serves as a safety net and should be entered into your finance calendar. However, as someone who is worried about their own finances, you should stick to a budget and not overspend. You can create a Monthly Calendar budget using a template or by yourself. You can use a simple weekly calendar budget template if you prefer smaller budgets.
Assess your present financial situation.
Before composing your personal financial calendar, you must first become informed of your existing financial situation. Make a list of your personal assets and liabilities on a piece of paper.
How much money do you have? This can help you create financial goals for the year or time covered by your financial calendar.
Make a financial inventory of yourself. How much money do you have in your account? What, if any, investments do you have? How much debt do you have? Do you have credit card debt?
How do you know what your credit score is?
It would also help to look back at prior receipts or take a trip down memory lane to see how you spent the previous year. Is there anything you could have spent a little more money on? Or anything else on which you should have paid less? What is the nature of your earnings?
How much money do you make on a monthly or annual basis, net of taxes?
Stick to your guns
It’s pointless to sign up for a race if you’re not going to run from the start. Similarly, it’s pointless to set aside time to create a personal financial calendar if you’re not going to use it. Remind yourself of deadlines, write them down in your calendar, track your expenses, and try to meet your financial goals. You’ll reap the rewards if you stick to your personal finance calendar.
That is all there is to it. So, what exactly are you waiting for? Don’t forget that you don’t have to wait until next year. You may begin right now. All you have to do is set aside some time to sit down and thoroughly examine your particular financial condition.
Make a list of your yearly recurring payments and the payments for that year or quarter. Don’t forget to include the deadlines. Make a list of your objectives as well as your savings strategy.
You must have a savings strategy in place.
All of them should be broken down into monthly calendars. That way, you can make small progress at a time. The most important thing is to stick to your plan!