Tenner Week Feb 2020: Day 7: A simple plan
It’s the final day of our Tenner Week – how did you get on with the challenge? Did you stick within the bounds of your budget? Day Seven is a chance to stop and look back at the week, then it’s time to make a simple plan.
Here’s a quick recap of the week so far, with something different to try every day:
- Sunday: Sunday Stocktake activity (optional, see below)
- Monday: Financial filing
- Tuesday: Where does all my money go?
- Wednesday: A quick look down the back of the sofa
- Thursday: Debts (or assets)
- Friday: Fun with freebies
- Saturday: Find a better deal
Was anything particularly difficult? Were there any surprises? This could be a good place to start a new personal finance challenge of your own, tailored to your situation, needs and wishes.
Today all you have to do is decide on your next mini challenge, and make a brief plan for how you’re going to meet your goal. There’s no need to make it too complicated, simple is often the best option.
For example you might want to:
- Make a will
- Get a certain type of insurance
- Pay off a debt
- Save up an emergency fund
- Top up your pension payments
- Become mortgage free
- Start investing
- etc, etc…
Decide what you need to do first – learn about investments, check the small print of your mortgage, open a savings account, re-draw your budget, earn some extra money each month, or whatever else you need to do.
Then work out a realistic timeframe for your project. Will it take a weekend, a week, a few months, a year, or a few years? For example, you might want to start saving £50 per month into a holiday fund for a year, or pay off a debt within the next six months.
Today’s a good time to reflect on where the last week has taken you, and decide where you want to take things next.
How did you get on with the challenge? What’s your next financial goal?
