I have written previously about if it’s not written down, how do you know it happened (a phrase I stole from Tom Clancy), and last week I wrote about financial plans (and revisiting them mid-year), and that is another good example of something you should write down somewhere. Simply thinking up a financial plan but not writing it down, or building a spreadsheet to monitor it (or some tool like that), how can you tell if you are succeeding or not?
Without writing down your goals and your plans, your mind can play tricks on you, or worse you can forget important goals that you need to achieve to reach Financial Nirvana (as it were)? You don’t need to be journaling or anything like that but simply creating a simple document with your goals written down may be enough for you to keep those goals in mind over the year. It’s not very hard, and a very useful way to keep yourself focused and also a way to keep yourself motivated.
Examples of things you should write down:
- Your financial plan, and goals for the year and maybe for your life
- Every cheque you write, as well as every monthly withdrawal from your bank account
- If you don’t know where all your money goes, write down for a week every time you spend money and then at the end of the week look and see where you spend your money.
- Use a calendar to remind you about when bills are due, monthly payments, birthdays, and anniversaries too (maybe reminders before those last two about when to buy presents)
- Many, many other things, that you think you might forget financially!