When it comes to managing money, having the right tools can make all the difference. Whether you are trying to get your debt under control or just looking for a better way to keep track of your spending and bills, a financial calendar could be a great resource. You can even use this calendar to set financial goals or save for a big purchase, such as a home or a new car.
People make to-do lists and plans for their life every single day, but a surprising number of people don’t make those same lists and plans for their finances, which is where it really can make a difference. Creating a financial calendar is easy and can provide a lot of perks when it comes to managing and tracking your spending.
Create Goals, Milestones, and a Purpose
To make the most of a financial calendar, you need to know what your intentions are or what you expect to get from it. That could be as simple as having a way to better monitor your money, or it could be something like paying down your debt. Either way, you need to have a purpose and set some goals for your calendar. List your goals in order of the priority that you would like to achieve them, and then break them down into smaller milestones. Create a plan to save money for each goal, marking key dates and goals on your calendar.
If you aren’t sure what kind of goals to set, don’t worry. There are plenty of resources out there to help you choose what matters most with your money. Here are some of the most common goals, which might be a good place to start:
Paying down your debt or paying off a large bill. Getting rid of high-interest credit cards or huge loans is always a great way to free up some of your finances down the road. Plus, you can save a fortune on interest charges by paying off debt sooner.
Creating or revamping a budget. Every single person can benefit from having a budget in place. If yours just needs updated, or even if you are starting from scratch, a financial calendar can help you track your earnings and spending habits, as well as to set budget milestones for things like savings.
Building your emergency fund. It is suggested that you have 3-6 months of living expenses in savings as an emergency fund. Of course, this is difficult for a lot of people to even fathom, let alone achieve. With a calendar, you can plan dates to put more toward savings, create a dated plan for building your fund, and more.
Saving for a big purchase or reward. When taking responsibility for your finances, you should also create a goal that is rewarding to you. Whether that is a shopping spree, a vacation, or even splurging on that new car you’ve been eyeing, create a financial goal that is a treat for you in some way.
Set Financial Plans in Stone
By creating a financial calendar, you will be able to have a written plan in place to tackle debt or get your finances in order. You can use programs like Excel or purchase a calendar or day planner that you use to track your budget and spending, depending on what works best for you. As long as you make a plan and put it on paper, the rest is up to you.