The financial plan for Adrian aims to manage the imminent loss of a £1,500/month client by controlling expenses, boosting income, and enhancing savings and investments. Initially, the plan focuses on adapting to income changes by scrutinizing the current budget for possible cuts, realigning financial goals to the new income reality, and considering side gigs to offset the lost revenue.
To enhance income streams, the strategy involves identifying monetizable skills, leveraging freelance platforms, and engaging in professional networking. Pursuing teaching opportunities and utilizing social media for service promotion are also advised to build additional revenue channels.
Furthermore, building savings and investments is crucial. Adrian is encouraged to set automated savings, explore ISAs for tax efficiency, and learn basic investment options like stocks and mutual funds. Regularly consulting with a financial advisor and staying informed about economic trends are key actions for a robust investment strategy.
The strategies
⛳️ Strategy 1: Adapt to income change
- Review current budget and identify non-essential expenses that can be reduced
- Reassess financial goals to align with new income levels
- Create a detailed monthly budget reflecting new income
- Track expenses daily or weekly to ensure budget adherence
- Consider negotiating payment terms or rates with remaining clients
- Explore side gigs or freelance opportunities to compensate for lost income
- Evaluate the necessity of any subscriptions or recurring payments
- Set automated alerts for low balance or unusual activity
- Schedule a monthly review to assess financial status and adjust plans
- Utilise budgeting apps to streamline financial management
⛳️ Strategy 2: Enhance income streams
- Identify skills or hobbies that can be monetised online
- Research freelance platforms for potential additional work
- Network within industry groups to find new client opportunities
- Attend webinars or workshops to enhance skillsets
- Update CV and professional profiles to attract new business
- Consider offering bundled services or packages for existing clients
- Seek collaboration opportunities with professionals in complementary fields
- Investigate teaching or mentoring as potential income sources
- Utilise social media to promote services and attract new clients
- Set clear income targets and track progress monthly
⛳️ Strategy 3: Build savings and investments
- Set a clear savings goal and automate transfers to savings monthly
- Research and open an ISA for tax-efficient savings
- Study basic investment options such as stocks, bonds, and mutual funds
- Consult with a financial advisor to develop an investment strategy
- Diversify investments to minimise risk
- Track performance of any investments regularly
- Review and adjust financial goals annually according to life changes
- Consider reinvesting any dividends or returns to grow portfolio
- Explore low-fee online platforms for investing
- Remain informed about economic trends that could impact investments
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
