Excel Formula To Calculate Number Of Weeks Between 2 Dates How to Create a Money Management Plan

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How to Create a Money Management Plan

Creating a money management plan is actually very simple. The process is similar to crafting a budget but it also involves goal setting. Incorporating tangible goals into the equation makes money management planning more interesting than a straight-forward budget, it also makes it easier to use as motivation. When you can clearly see the connection between your savings and your goals for the future, saving becomes more personal and less abstract.

See the steps below to set up your own money management plan.

1. Set personal goals
2. Connect realistic goals with savings goals
3. Assess your income
4. Assess your expenses
5. Draft your budget
6. Actively track your savings goals
7. Re-evaluation

Set personal goals
The process of goal setting is important to ensure that you actually achieve the dream you want to achieve. To be effective goals must be set around things that are important to you. You may think that this is ridiculous to even mention but it is a fact that people set goals for themselves because of what other people suggest or what is good for them. For example you may not be interested in furthering your education but you may allocate part of your budget to it because you believe that is what you should do. The implication is that you may spend that money unnecessarily because you don’t place a high value on furthering your education. Your goals should also be time-bound, which means you should specify a time frame for achieving them. They also have to be realistic for your situation, so if you’re making $100 a week you probably shouldn’t aim to travel halfway around the world in a year because it might be a bit of a stretch on your current income.

Add goals to savings goals
This step refers to the need to put a dollar value on your goals. For example, if you want to buy a house in the next five years, you should do some preliminary research on what the average house would cost for your general specifications and location, and then use this figure as an estimate. Armed with this information you can now add about 10% to the value of the account for possible increases and then average how much you will need for the down payment. This is the figure you will use as your savings goal. You can start with the total figure and then use the time frame and work backwards to calculate how much you will need to save a month to meet your goal in the specified years.

Assess your income
This means you need to document your fixed income sources in your budget and include any one-off inflows. You can find ways to increase your income by doing some freelance research or using your imagination to find ways to make more money.

Evaluate your expenses.
You need to document all your expenses in two main categories; ie fixed and discretionary expenses. Fixed expenses are things that cannot be changed, such as your mortgage, while discretionary expenses can be manipulated, such as groceries and entertainment. It is always a good idea to try to find ways to reduce your expenses.

Draft your budget
A budget is a plan of how to spend your income in the future. It can be drafted by using side by side income and expenditure statements and then deducting expenditure from the income side.

Actively track your savings goals
This means you need to constantly refer back to your goals and monitor their progress by measuring how much you’ve actually saved. Any differences between what was planned and what was actually achieved should be noted and addressed. If you find you’re off target, you can skip a hobby for months to get back on track.

Re-evaluate
A money management plan is not a static thing. It’s tied to real goals and because you can’t really tell what life is going to throw in your direction, priorities can change. When this happens it is time to re-evaluate your goals and repeat the process.

Implementing a money management plan is a great way to monitor your personal finances. Every person who is serious about achieving certain goals should take the time to create one.

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