Tips to help stay on track with your financial plan
Family stays on top of their financial planning
Estimated read time: 2 Minutes
Now you've got a plan in place, it's time to stick to it as much as possible. Budgets are started often, but seldom become a habit.
Give yourself the best chance of success, print out your budget and stick it to the fridge or somewhere else you’ll see it regularly. Keep yourself accountable, better yet share your plan with someone else and ask them to help you stick to the plan.
Tip 1: Make it realistic
An unrealistic financial plan might look good on paper, but it’s unlikely to last in the real world. A simple approach you could try is the 70-20-10 rule. With this approach 70% of your budget goes to your ‘Must Haves’, 20% to ‘Wants’ and 10% to ‘Savings and Debt’. Read more about it in our simple guide to doing a realistic budget that works.
Don’t be afraid to make adjustments along the way if you need to. By reviewing your budget regularly and keeping your spending buckets up to date, you will have real control of your finances and can keep up with a sustainable plan.
Tip 2: Build in some flexibility
Expenses can vary from one month to the next, so it’s a good idea to build in some flexibility to allow for this. In months or weeks when you have a surplus in your budget, make sure to save it for other times when your expenses are higher than normal.
Some months are bound to have more expenses than others, or you might spend more than you should. It’s bound to happen sometimes! Just make sure you aren’t regularly relying on the flexibility of your budget to create unhealthy spending habits.
Tip 3: Have some fun
Just because you have a financial plan in place doesn’t mean you can’t have a little fun as well! Try to include a few dollars in your budget, a small amount you can use for anything you like. Treating yourself occasionally can make it easier to stick to your budget in the long run.
Additionally, reaching financial goals will make you feel empowered to keep pushing forward so make sure to celebrate any milestones along the way. There are many free or low-cost ways to celebrate and keep you motivated. You can take advantage of perks like existing loyalty rewards, points or coupons to help make what you’ve been eyeing off fit into your budget. Or find free entertainment alternatives instead of more costly ones.
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Contributor | Therese McGrath, Chief Financial Officer
Therese brings over 25 years of international experience in finance, strategy, and operations. She joined Pepper Money in January 2018 as Chief Financial Officer. In this role, she provides the leadership and financial and operational management necessary to ensure Pepper Money achieves its strategic goals and objectives. Read more.
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