The Immediate Financial Boons Of Thinking One Month Ahead

By | June 10, 2020

Not a fan of thinking about the big picture when it comes to finances? You don’t have to. All you have to do is think about the next one month; here’s how!

Lifestyle Changes To Retain Post Lockdown If You're Looking To Save Money

When it comes to planning life, baby boomers and millennials are bound to be at loggerheads. Both generations have grown up experiencing vastly different life situations and societal pressures.

The former has grown up in a world that required financial security and long-time family planning while the latter has evolved in an ever-changing world with new possibilities and excess of information available at the click of a button. So, you see, there’s bound to be differences.

Perhaps, one of the most contended debates regarding finances that many of us have had with our parents is why we need to plan finances EXACTLY the way they did? Typically, anyone from the previous generation is a more cautious, prudent and careful financial individual who often weighs future needs over the current needs.

However, the typical new-gen individual is more likely to realise the value of enjoying the present while also thinking about short-term goals. Which one’s the right path? That’s subjective. The first options works best for planners while the second option is for the impulsive lot.

If you have trouble thinking about your personal finances from a macro-perspective, it’s okay! All you need to do is take things one month at a time by thinking slightly ahead; read on to find out how you can do that.

Visualise How Much You Want to Save This Month

Do thoughts of financial plans and targets haunt you? No worries; just simply visualise a ball-park figure that you’re hoping to save by this month; don’t worry about the future months just yet. By doing this, you’ll be able to focus all your energy on just this one month and probably will succeed too. The reward from succeeding will further motivate you to do this month after month.

Additional Reading: Financial Planning For Women

Set A Target Credit Score To Reach In 30 Days

How do you do this? Firstly, check your Credit Score now; doing so will help you know where you stand. Now that you know that, you’ll be able to fix a realistic target for one month; it doesn’t have to be great – it just has to be an improvement. As long as you’re moving on the right path, nothing can hurt you.

Don’t feel intimidated about that 800 mark; you’ll surely get there as long as you read your credit report every month and break your goals into month-by-month targets. Psst! You can get your Experian credit report for FREE on or the BankBazaar mobile app.

Additional Reading; Incorporating Your Credit Card Into Your Budget

Fix A Target Amount Of Debt Clearance For This Month

While annual plans have their own set of boons, they often need to be revisited sometime down the year due to the expected expense of lifestyle change. Here’s where monthly plans have an advantage!

Since you only plan for the next 30 days, you can always tweak the next month’s plan according to your situation then. This works especially well for debt issues.

Now let’s say you’re facing a giant debt of Rs. 2 lakhs on your Credit Card bill. Just looking at that amount can demotivate you. Instead of doing that, break this amount down; think of how much you can optimally clear this month. Fix an amount and just do it. You can always tweak this amount for each month – there’s a chance that you’ll be able to clear more debt in another month.

Additional Reading: How Budgeting Can Transform Your Life

So, you see, taking things one month at a time certainly has its boons. Care to check out a few financial products BankBazaar has to offer? Just click the link below.

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