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The 9 Week Financial Challenge started with creating a financial bucket list. It was the first step in improving our long-term financial health. Now 9 weeks later, it is time to wrap up this challenge. We truly hope that your dreams and financial goals are being obtained. You have been doing great! We have covered so much over the last three months from goal setting to saving to investing. Now, we need to discuss financial next steps.
Hopefully, you end this challenge knowing that dreams can be made a reality through hard work and dedication.
You have worked very hard to get to this point.
Your journey does not stop today.
Where Have We Been?
It has been 9 Weeks and we have covered so much. To refresh your memory, we focused on a crazy amount of topics.
|1||ACHIEVING YOUR FINANCIAL BUCKET LIST|
|2||START PAYING OFF DEBT and SAVING MONEY|
|3||DECLUTTER and MAKE MONEY|
|4||CUT THOSE MONTHLY EXPENSES|
|5||HOW TO REDUCE SPENDING ON FOOD|
|6||ACHIEVING YOUR FINANCIAL GOALS|
|7||MAKING MONEY by INVESTING in YOU|
|8||INVESTING TIPS for BEGINNERS|
|9||DREAMS, GOALS and FINANCIAL NEXT STEPS|
There is obviously more depth that can explored with each topic. There are textbook series about many of the topics above. So yes, we peanut buttered many topics.
Hopefully, you found where it makes the most sense to focus your energies in the future.
So, let’s review those goals.
It is now time to review your progress. Look at your goals from Week 1. Using the Week 9 Financial SWOT Worksheet, evaluate what your have learned about your financial self over the last three months.
Going old school, let’s do a SWOT analysis (Strengths, Weaknesses, Threats and Opportunities).
Strengths – What did you do well? You must have many since you are still committed to this challenge!
Weaknesses – What do you need to improve on moving forward? There is always room for improvement!
Opportunities – Have you identified more areas to cut costs? Earn more money?
Threats –Are there looming risks out there that will derail your improving financial situation?
Review the Financial SWOT analysis that you just completed in the workbook.
How do you feel about your current state?
If you had done a SWOT analysis 9 weeks ago, how would it be different?
When you do another SWOT analysis in 3 months, what would you like to see improve?
Financial Next Steps
As we come to the end of our challenge, we need a mechanism for moving forward. We have talked about continuously improving throughout this challenge.
I have used a modified Deming’s PDCA cycle that has been around for many decades to lead us through this challenge.
The reason for using this process is:
(1) it is simple to understand,
(2) decades of successful application and
(3) can be used moving forward on your financial (or a different) journey.
Let’s review the basics of the process, so you have a tool that you can use moving forward to be successful in financial planning.
PDCA stands for PLAN, DO, CHECK and ACT (ADJUST).
Let’s breakdown the PDCA process:
PLAN: Set goals and actions.
DO: Complete actions to accomplish our goals.
CHECK: Checked our progress by looking at the data to determine if we were accomplishing our goals.
ACT: Adjusted our plans and looked at new opportunities to meet our goals.
This cycle is on-going – continuous. As you accomplish a goal, set a new goal with new actions. If you run into road blocks, develop plans to address the road blocks.
Using Worksheet PDCA Goal Accomplishment, determine your next financial steps.
Wow – our 9-week journey has come to an end. Thank you for reading and participating in this challenge. You have come so far, and I know you will continue to be successful on your financial journey.
Don’t stop now. Keep moving forward with the financial next steps.
Please let me know how you did on this challenge.
We leave this challenge in better financial shape than we were in 9 weeks ago and with a solid plan moving forward.
Remember that the best investment you can make is in yourself. Keep learning.
Below are some other articles you may find beneficial. If you have a question or thought, feel free to use the comment section or email me directly.
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You got this!
Good Luck (ALWAYS), Whippersnapper Finance