Do you have a clear idea of the state of your finances?
Do you keep a beady eye on where your spending goes, or bury your head in the sand?
Are you a financial hawk, or a financial ostrich? Or maybe you’re a happy medium, living financially balanced bliss already
For me this is definitely a work in progress. The latest process I’ve blueprinted into my schedule is a 90-day financial health check.
Every 90 days my calendar reminds me it’s time for a 90 day reviewing and planning session. This keeps me on track, course correcting periodically, and regularly re-aligning how I’m spending my time (and money) to ensure it’s in alignment with my current goals.
More on this overall process another time, but for today, here’s how I carry out my financial well-being assessment.
Financial Well-Being: 90 Day Review
The process I follow:
💛 Block out 2 hours when you won’t be disturbed to do this
💛 Make yourself a nice cuppa, pop some tunes on, stick your favourite diffuse blend on….make this a fun ritual….financial health is a core strand of your overall holistic health, so enjoy this for the self-care ritual that it truly is!
💛 Download account statements for the last 3 months, in excel so you can get stuck in and play around with the figures
💛 Place each month on a different tab
💛 Identify and highlight your monthly on going fixed costs (monthly direct debits) and your variable costs
💛 Start from zero each month, make a list of the ongoing costs you have fixed each month, car insurance, phone bill, internet bill, nursery fees…etc..
💛 Divide the non-fixed spending into broad categories that make sense for you (for me this looks like books, courses/personal development, business costs, cacao (yes, it warrants its own category🙈) eating out, entertainment etc….) Sum these up so you can see broadly how much you’re spending in each area.
💛 Sit back and review your spending in a non-judgmental way, grab a journal or open a fresh page on your computer, scribble out responses to these sorts of questions like:
❔ Is there anything I’m paying for monthly that I’m no longer needing/using?
❔ Is my spending in alignment with my current goals/values?
❔ Which areas of my spending feel good/in alignment?
❔ In which areas is money being wasted/mis-spent?
❔ In hindsight, which things wouldn’t I have spent money on?
❔ How can I spend smarter in the next 90 days?
❔ What things that I say I value am I under-investing in?
❔ What big investment would I like to make over the next 90 days?
❔ Where could I stop/decrease spending to contribute to make this happen?
❔ Where do I financially sabotage myself?
❔ How could I increase my inbound money in the next 90 days?
❔ What actions do I need to take to clean up my finances? (I make a list as I’m reviewing my accounts of things I need to action such as requesting refunds where necessary, cancelling subscriptions no longer needed, switching up insurances to save money, setting new budget boundaries around certain areas, signing up to something new that will add value or take me towards my goals etc….)
👉 Plug action points into google calendar and schedule them so they get done!
Do you have a method for managing your finances? Do you love this sort of thing or dread it?
Any good book recommendations on this topic? The blend shown is from the I am Fabulous book by Desiree Mangandog, super good stuff!
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