Introducing YOUR yearly money plan
Good news! Your yearly money plan is even easier to follow than your monthly money plan!
The easiest way to sketch out your yearly money plan is to multiply your monthly plan by 12. Look at each month and see how much money is coming in, how much is going out. List your big 1 time expenses like car insurance, home insurance and an emergency car repair. Roughly calculate how much money you'll have at the end of the year.
The cool thing about taking a birds eye view of your money is that you can set aspirational goals. Seeing the bigger number lets you dream big.
In 2015 when my partner and I decided to max out our savings, our initial estimate was around $24,000. We thought that if we tried our best we may be able to come up with somewhere near that number. Little did we know that as we put our minds to it, we would develop an unstoppable money making mindset. We looked for ways to make more money, looked for ways to save and made decisions to build wealth instead of give it away. By the end of the year, we had saved $40,000! I'll write more about it in the future.
Once you get in the groove, you might only need to look at your yearly money plan a couple of times a year.
Do a quick calculation: how much money could you save in 1 year?