Monitor and adjust financial plan regularly from "summary" of Let's Talk Money by Monika Halan
To make sure your financial plan stays on track, you need to keep a close eye on it. Think of it like tending a garden - you can't just plant the seeds and walk away, expecting everything to grow perfectly on its own. You need to water the plants, pull out the weeds, and give them the right amount of sun and shade. Similarly, you need to regularly check in on your finances, see how they're doing, and make any necessary adjustments.
Monitoring your financial plan means keeping track of your income, expenses, investments, and debts. You should review your bank statements, credit card bills, and investment accounts regularly to make sure everything is in order. Look for any unusual or unexpected transactions, errors, or discrepancies. Keep an eye on your investments to see how they're performing - are they meeting your expectations? Are there any changes in the market that could affect them?
Adjusting your financial plan means making changes to it as needed. If you find that you're spending more than you're earning, you may need to cut back on expenses or find ways to increase your income. If your investments are underperforming, you may need to reevaluate your investment strategy or consider moving your money to different assets. If your debt is piling up, you may need to come up with a plan to pay it off more quickly.
The key is to be proactive and not wait until things are out of control. By regularly monitoring and adjusting your financial plan, you can catch any issues early and make small corrections before they turn into big problems. It's like going to the doctor for regular check-ups - you want to catch any health issues before they become serious. So, make it a habit to review your finances regularly and make any necessary adjustments to keep them healthy and on track.
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