90 Days to Financial Fitness

Becoming financially fit requires discipline, planning, and commitment. While 90 days is a relatively short time frame it is enough time to develop a plan of action and execution creating good financial habits. In a 90-day time window, you can make significant progress toward improving your financial situation.

Here’s a 90-day financial fitness plan…

Week 1: Assess Your Financial Situation

Task #1 Understanding Your Income and Expenses

Assess your current income sources and calculate your average monthly income.
Analyze your expenses and categorize them into essential and non-essential.
Calculate your total monthly expenses and determine your discretionary income.

Task #2 Evaluating Your Debt and Savings

Identify all your outstanding debts, including credit cards, loans, and student loans.
Calculate the total amount owed for each debt and determine the interest rates.
Assess your current savings and determine if you have an emergency fund.

Week 2: Creating a Budget

Task #3 Building a Monthly Budget

Learn the importance of budgeting and its role in achieving financial fitness.
Identify budgeting techniques and choose one that suits your preferences.
Create a monthly budget based on your income and expenses, allocating funds for savings and debt repayment.

Task #4 Tracking Your Spending

Explore various budgeting tools or apps to track your expenses.
Start tracking your spending habits daily and categorize expenses accurately.
Reflect on your spending patterns and identify areas where you can cut back.

Week 3: Cutting Expenses and Increasing Income

Task #5 Reducing Unnecessary Expenses

Analyze your tracked expenses and identify non-essential items or services.
Develop strategies to cut back on discretionary spending without sacrificing necessities.
Implement cost-saving measures such as meal planning, couponing, or negotiating bills.

Task #6 Exploring Additional Income Sources

Discover potential ways to increase your income, such as part-time jobs or freelancing.
Assess your skills and interests to find opportunities for monetization.
Create a plan to pursue additional income sources during the 90-day period.

Week 4: Setting Financial Goals

Task #7 Defining SMART Financial Goals

Understand the concept of SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound).
Set specific financial goals for the 90-day period, considering debt repayment, savings, and investments.
Write down your goals and develop an action plan to achieve them.

Task #8 Staying Motivated and Accountable

Learn strategies to stay motivated on your financial journey.
Share your goals with a trusted friend or family member for accountability.
Explore visualization techniques and create visual reminders of your goals.

Week 5-12: Implementing and Refining Your Financial Fitness Plan

Task #9 Prioritizing Debt Repayment

Choose a debt repayment strategy (sign up for our free convert debt to wealth webinars bit.ly/convertdebttowealth to learn the best strategy) and apply it to your debts.
Allocate a portion of your monthly discretionary income toward debt repayment.
Track your progress using technology and celebrate milestones along the way.

Task #10 Building an Emergency Fund and Saving

Establish an emergency fund as a financial safety net.
Determine a specific monthly savings amount to contribute toward your emergency fund.
Explore different savings options such as high-yield savings accounts or investment vehicles.

Task #11 Automating Finances and Bill Payments

Set up automatic transfers to your savings account on a designated day each month.
Arrange for automatic bill payments to avoid late fees or missed payments.
Monitor your bank accounts regularly to ensure automated processes are functioning correctly.

Task #12 Continuous Learning and Adjustment

Engage in ongoing financial education through books, podcasts, or online resources.
Reflect on your progress, identify areas for improvement, and make necessary changes or adjustments.

Remember, financial fitness is a long-term journey. While 90 days can be a significant starting point and enough time to build good money habits, it’s important to continue practicing healthy financial habits beyond this period to ensure a successful long-term plan. Personal finance is a skillset and like any other skillset it requires time, energy and resources to master.