How I Plan My Strategy to Make Sure I Hit My Money Goals

How I Plan My Strategy to Make Sure I Hit My Money Goals

All of us have money goals and we want that there is enough cash flow for our take home pay that we can spend on necessary things, save up for a planned  vacation or for a big purchase. 

There are five strategies that Annette will share on how she is able to hit her money goals.  Being disciplined with your spending habits is one of them.  For sure, no goal is impossible if proper strategies are  put into place. 

Here are a few insights you’ll hear in today’s show…

  • Step one in the strategies to hit your money goals - Build a profit plan. 
  • Why is analyzing historical data on actual income and expenditures an important strategy to hit your money goals?
  • Why do you need to monitor your monthly spending and revenue goals?
  • What is the main component in staying disciplined with your spending habits?
  • Why is making changes in the profit plan important to stay on track?

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Hello and welcome to the Financial and lifestyle Freedom podcast. In today's episode, I'm going to share with you how I plan my strategy to make sure that I hit my money goals. For those of you that don't know me, my name is Annette Ferguson. I am a chartered accountant certified Profit First professional and small business growth strategist. 

Strategies to Hit Your Money Goals

Build a profit plan. 

This essentially means a financial budget, future forecast with the principles of profitability layered into it. No goal is impossible if a proper strategy is put into place. To hit my money goals, I develop a fleet-built profit plan, a forward looking cash flow base financial budget for my business, a tool uniquely designed by me to maximize both short and long term success.

The plan includes financial budgeting that incorporates the principles of profitability, such as allocating funds appropriately, across different sources, while making sure that they are used effectively and efficiently and with measurable results. This helps create a clearer sense of objective focus.  

Why is analyzing historical data on actual income and expenditures an important strategy to hit your money goals?

And stage two, analyzing historical actual income and expenditure as well as other data in the business. So for this, we're looking at things like conversion rates to ensure a profit plan is built on accurate data and not guesswork. Unless you have data from all parts of your business, it's actually really difficult to forecast your income.

If you don't know how many leads you got in last year, where they came from, what they cost you and how many convert into clients, what the average amount they pay you per month is, you're never going to be able to make a fully worked revenue plan for your business, because you just don't know the data that goes in to developing the revenue. Getting really clear on all the data in your business. And not just the money data is really important for this. 

Why do you need to monitor your monthly spending and revenue goals?

And step number three is setting monthly spending and revenue goals based on the financial profit plan. Financial goals can seem daunting can't, sometimes impossible to reach. However, having a good plan in place means hitting targets a lot easier. It all starts with coming up with an organized system.

I prioritize setting a monthly spending and revenue goals based on my profit plan. Because when I do that, I know that I'm going to be profitable. I have it all mapped out. This helps me have clarity when it comes to budgeting and allows me to track my progress.

By actively monitoring where I am each month I can adjust if necessary and stay on course for reaching the bigger financial picture. My system works like clockwork, put together a sound plan, stick to it and watch that money grow. 

What is the main component in staying disciplined with your spending habits?

And stage four, stay disciplined with your spending habits. I want to make my financial dreams come true. So when I plan out a strategy for money goals, one of the main components to staying disciplined is my spending habits. Making sure that every purchase I make adds value to my life is essential. That means prioritizing bills and necessary expenditures before any shopping sprees, or one off items.

I've mapped out my budget plans and I cut down wherever possible to make sure that extra money goes towards my bigger financial goals. Even if the occasional splurge is nice from time to time, I understand why and where I'm dedicating extra funds to help me stay on track.

To help with this process. I turn to various platforms like Xero to sort out my purchases into categories and let me see what spending I typically make. You can also just track this in a spreadsheet for your business,  too. 

Why is making changes in the profit plan important to stay on track?

And step number five, keeping a keen eye on revenue targets and evaluating when the plan needs to change. Staying on top of your money goals may not be a simplest of tasks, but setting up a strategy to make sure that I hit them is essential to my success. For me I start by pinning down at these revenue targets and tracking the numbers on a regular bases.

This means it's easier to see when changes in the profit plan have to be made in order to stay on track with my overall profitability goals, no matter how small these adjustments are instrumental to keeping the financial dreams alive. Because of course, if your revenue goes off plan, and is less than you had planned it to be, that is going to impact your bottom line profit, as well.

When everything comes together, right, there is nothing so satisfying as seeing all that hard work pays off. 

Final Thoughts

So no matter what your goal is, whether it's to save up for a rainy day, retire early, there are some key things that you can do to make sure you hit that target. By starting with a clear and attainable goal in mind, coming up with a realistic profit plan and sticking to it, as well as being disciplined with your spending, you'll be on the right track to hit your money goals.

Thank you so much for tuning in to the podcast today. If you liked this episode, please do make sure that you subscribe in whichever podcast player you happen to be listening in. I would also be so grateful if you want to again leave us a review in whichever player you happen to be listening in today.

Thank you once again for tuning in to the Financial and Lifestyle Freedom Podcast and I hope to see you here again soon.

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About the Author

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

Build Your Implementable Profit Plan

Change your profitability and stop feeling like you are working so hard just to make sure you can make payroll each month, with the Profit Plan method.

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