Step Five - Evaluate and Update your Plan
After each semester it is in your best interest to look over your spending plan. Your situation may have changed, and therefore had an effect on your current financial plan. If you need help readjusting your plan you can always request an appointment with Financial Wellness Services.
Did my spending plan work?
It is the end of the period, which means it is time to figure out if your spending plan worked. This can be done by asking yourself the following questions:
- Was I able to save the amount of money I was hoping to?
- Am I less stressed about my finances moving forward?
- Was I able to stay on track for accomplishing my goals?
- Are there ways to improve this plan?
If your plan worked, I would like to congratulate you. Now that you have gone through the process I bet you are able to find new ways to make your money last. If you find your plan didn't quite work out as you had hoped, it may be time to make a new one or adjust parts of this one. If you would like to ask someone for assistance on making a new spending plan you can always request an appointment.
How often do I change my spending plan?
You may find out that as your situation changes you need to change your spending plan. Every semester will bring subtle changes in your time commitments, and may have an impact on your income as well. You may be able to work more or you may have to work fewer hours to handle your school load.
You may find that you need to update your spending plan in the middle of a semester. You may find that you have a change in income, or a change in expenses. This is a pretty common thing to have happen. It may just mean it is time to adjust your plan moving forward. If you would like our assistance on creating a new spending plan, you can make an appointment with Financial Wellness, we would love to assist you with accomplishing your financial goals.