Checklists To Transform Your Finances – COVID19 has basically changed everything and the vulnerability to financial crisis this pandemic brought with it to many individuals and families can be very daunting.
Now, regardless of the challenges of this new normal, you can turn everything around and position yourself to take your finances to the next big level! But you must be ready to take bold actions and take back control.
To thrive financially in this new normal, you must begin to re-imagine and reinvent your financial future. It’s no longer business as usual and your finances shouldn’t!
So, I’ve got some checklists to help you navigate this new normal and transform your finances:
1. What is Your Money Principle?
How do you think or act when you receive an income? Is your money principle rooted on spending or is it rooted on savings?
This is very important and most people don’t realize how their money principle shapes their financial moves and status.
There was a time my money principle was all about spending. Without knowing it, every time I get paid, all I am thinking is: I’m going to buy these and I’m going to pay these bills. Basically, my mindset was all about spending on this and that. Before, I knew it, my whole income was gone by the end of every month.
Because my money principle was mostly rooted on spending, I was basically spending everything I had. I was neither saving nor investing with no room for financial growth; until I intentionally changed my money principle to focus mostly on saving and investing.
What does this mean and how does it help to transform your finances?
Does it mean you don’t spend at all when your money principle is focused on saving and investing? The answer is no. Everyone spends money; but the difference is on how you think and act when you receive an income.
Spenders will begin to spend money the moment that income is received; sometimes spending on not-so necessary items until the money is completely spent. Sometimes, spenders go the extra to spend their next income even before they receive it, spending on credit and incurring debt obligations.
Savers however, will save some money the moment they receive their income even before they begin to spend. That means, they are spending what is left after they have saved some money.
Instead of thinking: “I’m going to spend the money on this and that”, a saver rather thinks: “I will save this amount of money this month, or I will invest this amount of money this month”.
So, for your checklist #1, ask yourself what your money principle really is: Is it rooted on spending or rooted on saving and investing? This is the time to reimagine your money principle and refocus more on saving rather than on spending.
When your money principle is rooted on savings, you keep your spending below your income; and this is one of the most important keys to achieving financial success.
2. Do You Have a Goal You are Working to Achieve Every Month?
If you are not in the habit of setting goals for yourself every month, now is the time. To thrive financially in this uncertain time requires planning and focus. Do not start every month without having a goal set for yourself.
You can set a big goal for yourself or you can set a small goal depending on your financial status and what you really want to achieve. You can have an annual goal and break it up into smaller achievable goals for each month.
But, regardless of the size of your goal, having a goal every month gives you focus, a sense of direction and opportunity to grow financially. This goal gives you the yardstick to measure your performance each month and helps you transform your finances.
So, for your checklist #2: Ask yourself if you have goals set for yourself to achieve every month. If you don’t have one, this is the time to start. Set a goal for yourself every month and work towards achieving it!
3. Are You Thinking Outside the Box?
You all know that a lot has changed since COVID-19 and we have seen that those who think outside the box are thriving. So, we need to start to reimagine and reinvent new ways of doings things.
Find new ways of running your business, find new ways of performing your job in your workplace, find better ways of doing things in your home.
This is not just for those innovating new technology, but this is for all of us. This is the time to think outside the box!
Transform your finances by thinking outside the box
I have had some people tell me they want to start a business but don’t know what business to go into. Thinking outside the box doesn’t necessarily means creating something brand new. It could be an existing product or service, but you can think of a better way of providing that service, a better feature to an existing product, and extra value that an existing product or service can offer.
Look around your home, look around your office, what product or service do you see that needs an improvement?
You can create multiple streams of income for yourself and join many innovators around the world to thrive financially this post COVID-19 era by thinking outside the box.
So, these are the checklists I have for you to transform your finances; but I know there are more and I’d love to read them. So, comment below and tell me other checklists that have worked for you or you know that will help someone else reading this.
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