STEP 5 - Your monthly review process

Financial Management 101 Financial management principles
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Transcript

Over this course, you have created your personal finance compass, which is really a an expense and revenue management tool that will provide you clarity and visibility on your bottom line figure, which is the amount of money you can save on a monthly basis. Now, we've done this for now. And like anything in life, it's not going to be permanent, and it's gonna, it's not going to stay valid over time. So this lesson is to remind you that to continue to reap the benefits of the work you've done now, you must review your finance compass on a regular basis. I personally recommend that you spend some time each month and it will only take you 10 or 15 minutes to review your assumptions. What are your assumptions, it's the amount of money that you expand expense and that you earn as you've done in the previous chapters.

Look back into it are the categories still right? Are there new categories? Do you actually want to split those down into an even more narrow? breakdown? It's up to you. Really, the point here is keep it current, keep it valid.

And you will maintain faith and belief in this tool needs to be real, it needs to continue to stay your companion, your trusted source of information. Visibility is power. I haven't said it enough, and I will continue to repeat it. So when comes the end of the month, have a look at your bank statement and compare it with your finance Congress, how much we actually spent versus what you were planning. If you look at grocery, for example, and you have a specific bucket for that. How does it compare with what you spent this month?

What about last month, maybe you need to readjust your numbers here and there. Maybe there's some new categories. So again, make sure that your files covered bass is really fully up to date and you keep trusting it. review this on a monthly basis and it will continue to retain its power and its value in helping you manage your finances.

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