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Way in which someone manages monthly budgets will affect their plan. If they're saving, they must limit expenditure to less than income to achieve a monthly surplus to add to the total amount saved Narrowing down a list of goals and choosing 1 or 2 realistic ones enable a person to focus on specific goals. A person should think about the opportunity cost of achieving them. To motivate oneself to stick to a long-term plan, people are advised not to cut out less important but smaller wants. They're more likely to remain committed to the plan if theyre able to enjoy short-term pleasures along the way 5.4.4 - establishing priorities If someone doesn't achieve the desired level of savings during one particular month because of an unexpected item of expenditure, they might try to save more during the following month. But catching up after slipppage in a savings plan can be very hard because small adjustments to financial activity can have a big cumulative effect after a time. If someone has set themselves a goal of saving £100 a month and is unable to achieve this for 2 consecutive months, it'll be increasingly difficult to make up £200 from subsequent months Some consideration should be given to security + protection. People should provide for a -ve event by setting up a safety net for themselves and for those who depend on them. Even when young, this should be considered Consequences of slippage are more serious when the plan involves repaying a loan and the person wont be allowed the same degree of flexibility. They'll have set up a DD or SO to pay the lender the monthly repayment and they'll be in trouble if they can't met this commitment. Repaying borrowing is a Helps with remembering details + keeping track, people should think about: Starting point + financial position ...
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