3. The Phases

Ok internet friends, by now you should know what I am trying to accomplish through this series and in my personal life when it comes to my finances. I just finished typing up my financial breakdown, and as I am writing this I am currently sitting in an Airbnb in Kent, CT thinking to myself; dang Chantel, you’ve got an uphill battle to climb. No use in standing here at that bottom just staring at it, so let’s get to work. Now goals are nothing more than far off dreams if you don’t have a plan to get you there. I am going to layout my three-phase plan in as much detail as possible. As I go through each phase I will record and post it, as well as, keeping you updated on my progress and financial status. Some of these steps I have already started, but most of them are to come.

Three Phase Plan

Phase One

  •  Assess current financial situation
    •   Look at income
    •   How much do I make each week?
    •   Can I do something on the side for extra income
  •    Look at monthly expenses
    •  What money must I spend?
    •   Where can I trim the fat immediately?
  •  Look at debt
    •  Break debt down into categories
      •   Short term
      •  Long term


  • Set partial payment goals until paid off
    • Pay x amount by x date
    • Finish paying x term by x date
  • Look at the underlying issues
    • Why and How did I end up in this financial situation?
      • Lack of savings?
      • Lack of planning?
      •  Uncontrollable circumstances?
      •  Lack of discipline?
  •    Retrain my mind
    •   Do what I already know to do
      • Cut back on spending
      • Be intentional with saving and debt payment
      •  Don’t spend money on stupid things 0-0 girl! 
    •  Do things I may not like but I know are beneficial for me
      • Wake up early
      • Daily workout
      •  Identify spending triggers

Phase Two

  • Evaluate what is working and what is not
    • How can you increase what has been working?
    • Can you bump up the intensity?
    • Why is it working?
  •  Whatever hasn’t worked identify why it hasn’t worked?
    •   Lack of trying?
      • Yes, try again.
      •  No, cut it and try something else.
    •  Doesn’t fit my circumstances.
  •  Increase financial knowledge
    • Research other budget methods and techniques
    •   See what is working for others


Phase Three

  •  Remember Why you started & ENDURE
  •  Remember Why you started & ENDURE
  •  Remember Why you started & ENDURE
  • Remember Why you started & ENDURE
  • ENDURE!!!!!!!!!!!!!!

Figure out what is going to work for you. Make sure to make your outline realistic, but challenging. Make sure you are pushing yourself to make some of these changes, and no they are not going to happen all at once. As I learn more about how to manage my money this outline will begin to look different. The reason I am not immediately jumping into buying some program to help me figure out how to do all of this is because I understand the fundamentals. We all do. This financial journey is going to be like everything else we do in life. Before I try to get into all the details and fine tune everything I’ve got to get the basic principles down. Save more and spend less.

Chantel RiveraComment