We’re in the last quarter of the year.
The things that you wanted to get done, maybe you got them done. Maybe you didn’t.
But you don’t have to take regrets into the new year.
I’m sure there are a few things that you absolutely must get done before the clock strikes midnight and they play Auld Lang Syne to begin the new year…
I can’t answer that for you but I’m sure as you’re reading this, you already have a few things in mind. Don’t you?
Rethinking It All
So that brings me back to my questions…
What haven’t you gotten done this year?
Out of the goals that you haven’t achieved (yet) this year, what can you get done in the remaining few weeks?
What can you (should you) push to next year?
What did you think mattered but doesn’t really matter at all to you anymore…so not only are you not going to do it this year, but you’re not sure you’re going to do it at all?
What’s on the list that seems to be taking up precious space in your head and on your to-do list that you can eliminate?
Have all those things in a tidy little list now?
Cool. Let’s get to planning…
Reforecasting is a super nerdy word. Super sexy but all it means is to readjust your monetary goals (aka your budget).
You may have made a pivot in your business.
You may have decided to totally table a project.
A project may have taken you way longer to execute than you thought… Or cost more to create than you thought.
All these what-ifs impact your budget and creates the little trail for you to go down to recreate that budget.
Re-Budgeting & Reforecasting
Don’t get in a too much of a tizzy.
Recreating your budget/reforecasting is easier than you think.
Similar to budgeting, you take your goals and deadlines and assign dollar amounts to them.
One of my favorite quotes is… “Budgeting is giving your money a job to do”.
So that’s what you’re going to do. You’re going to give your money an assignment. A job.
Budgeting is one of my favorite topics (as you can tell).
Reforecasting Step #1 – Revisit
Revisit your goals. Take some time to think about them.
What did you get done so far?
How does it impact your goals for the coming quarter?
Should you make any revisions to your plans?
If so, make a list of the revisions.
Reforecasting Step #2 – Timeline
Did some things take longer to materialize than you thought?
Did you change the price of a service or product so your income is different from expected?
Did you have more expenses than you thought you would?
If so, make a list of these changes.
Reforecasting Step #3 – Updated Budget
Knowing what you know now, with you revisions and timeline lists in hand, recreate your goals.
Take those goals to recreate your income goals (aka budget/reforecast).
Then take a look at your list of expenses. Those that recur and those that are impacted by your increases or decreases in income.
Put these two together and you have your REFORECASTED BUDGET!
Can you tell I really like talking about this stuff?
Bookkeeping and number crunching can be super boring but it’s what you need to do to monitor and achieve your money goals!
I hope that you’ll learn to love it as much as I do (or at least like it).
If you have questions about this, drop a comment below or shoot me an email.
Until next time,
- Revamp Your Budget
- Budgeting 101
- Budget Versus Actual…How Are You Really Doing?
- Money Matters Checklist
- Work With Me
Editor’s note: This post was originally published in September 2016 and has been completely revamped and updated.