I find something to improve in every one of my monthly check ins. Why should you care?
This is my monthly check in with my five year financial plan. If you followed me for a while now feel free to skip the next few paragraphs.
So a while ago now I made a financial plan. Basically, my goal is to build multiple streams of income of which some are passive. If you want all the details of it to check out the post about my five year financial plan.
Why do I publicly post my monthly check in?
So often we see and hear about people reaching their goals after they reach them. Even if these people are being 100% honest they still have the benefit of hindsight. Of knowing how things worked out.
There is nothing wrong with sharing your story that way. But sometimes by sharing our stories this way we minimize the rough patches.
Reaching goals can be hard it takes a lot of work. Things don’t also work out the way you want them too. It can be hard in times like those to think long term.
That why I share my monthly check ins as they happen. Because I don’t know how things will work out. If I were to recap this after I reach my goals I could probably wrap it up into a neat and tidy story.
Today, I can’t give you a tidy story and reassurance this will all work out in the end. There are too many things I don’t know. I’m still in the trenches right now putting in the work and figuring things out as I go along.
That why I post these publicly so you can see exactly what it takes to reach long term financial goals.
What happened the past month?
December is Christmas month. There were lots of parties and families get together. Lots of socializing. There were also a couple gift exchanges I was a part of.
I did a bit of planning for the coming year. There are lots of things that I’m going to try to make happen this year so I’m excited about that.
Work wise I have some pretty big news. I got promoted. They gave me a raise and benefits. And I’m back to working full time. Plus I was working full time for most of December so that was good.
Oh and I also tried to give all the money in my giving fund. It was fun to find some charities to support.
Did I hit my goals this past month?
Kinda I didn’t achieve any goals this past month. But I have been making progress on a couple of them.
I just read through this post. Which I wrote last summer and I already hit 7/9 goals listed there. The only two left are having a full emergency fund which is now at 70% I hope to have that done by May.
And investing outside of my retirement fund. I haven’t started this yet. Don’t know when I will either. I want to max out my TFSA this year and I think that would take priority.
I also went and look at exactly what my five year financial plan had for goals. My goal for year one was to have 3 income streams of which 2 are passive. I’ve almost hit this goal.
So far I have 3 consistent income streams. My paycheck which is not passive. Cleaning office which is also not passive. And bank interest which is passive but not that much money. That means I should focus on building more passive income streams.
My Income Streams
Once again it is my paycheck that the biggest coming in at 81.05%. It was a bit bigger than usual which is great at Christmas time. It came to 80% of my income.
My expense claim coming in at 9.03%. Which is from the bit of travelling last month which is where this expense claim is from,
Then it cleaning the office at 7.55%. This is my pay for November work cleaning the office and it not going to be this high next time maybe half of it.
Work also gave me a Christmas bonus of 2.15%. I wasn’t expecting this so it was some nice extra money. Won’t be happening next month though.
And coming in last it is my bank interest at .19%. This is only a few dollars every month but it good to be getting something for the money sitting in the bank.
What did I do wrong this past month?
There are a couple things I did wrong this past month. A major one is I didn’t budget extra for Christmas.
I know Christmas is an expensive time of year. And everyone recommends saving money throughout the year for it. Somehow I thought I could get away with it as my Christmas shopping was done the previous month.
I did manage but I should have been better prepared. Christmas is expensive for more than gifts. It would also be nice to be able to treat people more in the Christmas season. And I did end up buying a couple last minutes gifts.
The second mistake I made this month was to stop working on building income streams. I had good intentions to keep working on things all month long. About halfway through the month I sorta quit and decide to enjoy Christmas.
I didn’t accomplish as much as I hoped too. though in hindsight it would have been a lot smarter to plan out what I wanted to be done before Christmas. Then give myself some time off instead of expecting me to go go go.
That all I have for issues this month. I happy to say that going back to basics fix my overspending problem.
How will I improve next month?
I am trying to get better at preparing for things ahead of time. This means I need to look at the month that I budgeting for and think through what going to happen that month too.
Also, I have a category in my budget called every day giving fund. I use it for gifts and treating other people.
That meant it got a lot of use over the past month. In fact, I used all the money in there and then some. Why is that? Because throughout the year when I want more money for something else I would take it out of this category.
That was a bad idea I end up regretting. To solve this problem I set up a monthly contribution goal. And I won’t take money from this category for anything other than the purpose of this category.
The other problem I had this month was with working on my goals. And not giving myself breaks. This is something I been struggling with for a while. So instead of new year resolutions, I made myself a schedule. Sounds like fun right.
The thing is I already have lots of goals I want to accomplish the problem is the doing of them. This schedule gives me 2-3 things I need to do daily. As well as a few one time tasks I should do throughout this month.
If I do the daily tasks I put a sticker on that day. If I don’t do the tasks I can’t do the sticker which makes my schedule looks ugly. So far that has been enough motivation to doing my daily tasks.
Also it surprising how fast things get down if you sit down and focus.
How can you apply this to your goals?
Save for Christmas early in the year. There no deny it Christmas is expansive. Even if you don’t count the gifts there usually more travelling and hosting in December. Plan for it in advance.
Just think of how happy you would be at next Christmas if you had money in your bank to pay for everything.
If you’re not reaching your goals don’t give up. Sit down and look at why you aren’t reaching them.
Are they clear enough? Do you know what needs to be done to reach them? Maybe a deadline would help Or a schedule to keep you on track? Setting goals is not enough you need to have a way to reach these goals.
Plan in advance. Set goals. And put the work into achieving them.
You don’t get what you don’t ask for so today I’m asking for you to share my post December 2018 Monthly Income Streams Report by pinning the image below. Thanks!