The Problem

We have the time to earn and spend, but do not realise the importance of spending time over checking the fate of our finances. It’s one thing to be impatient and restless with your finances, but that should not result in you not giving time to your finances. For many people, the priority of sifting through bank statements itself is a task. Little do they realise that a bank statement will explain where the money came from and where it went. Not spending time with your finances is as bad as not spending time at home with the family. If you don’t give time to money today, money will not give you the time you need it to stay with you. Start by giving a dedicated time slot to analyse your money flow statements.

Example

Spend a day every month to check the inflow and outflow of money. Tabulate the budget for the month and evaluate its progress. Likewise, once every year, you should evaluate the performance of your investments to decide on continuing the same or making any changes.

Suggested intervention

Set a schedule to track your money. Just like the way you receive a monthly income and file taxes once a year or have your birthday, earmark time with your existing financial goals and plans. Track its progress to know if you need any intervention and if so, get into addressing the financial concerns you have than take umbrage in shortage of time. Make budget making and evaluation a family affair for your spouse and children to be engaged in the activity. Learn the skill of prioritising work, so that you have the time when you need it.

Tip

Schedule a regular review of your finances to know how it is faring. Use the occasion to explore new financial instruments. Never assume your time to be more valuable than assessing your own finances. If you don’t respect money, it will not respect you.

Read: Inside the Mind of Investors

olmdesk@outlookindia.com