How to Use PowerSheets for Finance Goals

How to Use PowerSheets for Finance Goals

by: Cultivate Team

A hallmark of the PowerSheets® Goal Planner is its flexibility. Whether you're a business owner, a college student, a stay-at-home mama, a corporate gal, or newly retired, you can use it to achieve the goals that matter most to you! Over the next few weeks, we're going to give you a peek into how PowerSheets can be used for different types of goals. Today, I'm thrilled to share a little bit about how Charlee and Jackie use their PowerSheets for finance goals! 

The PowerSheets user: Charlee
Her finance goal for 2020: Create a secure and stable financial future. I want to use money as a tool to create the kind of life I envision for our family and for our children as they grow. 
How she has broken her big goal down: I have three mini goals this year: 1) finish paying off student loans (starting steps: automate monthly payments, brainstorm items to sell to make extra money to put onto debt); 2) set up an RESP (Registered Education Saving Plan - Canadian) for my son (starting steps: choose financial institution, sign up online, automate monthly payments); 3) create a plan for saving a 6-month Emergency Fund and begin after student loans are paid off.

A few monthly goal examples: declutter home and list items to sell online; create budget for the next month and set up in EveryDollar; sit down with husband to decide on amount for 6 month Emergency Fund; Contentment Challenge: no extra spending on non-essentials.

A few weekly goal examples: update budget and add weekly expenses on EveryDollar; review cash flow spreadsheet. My daily goal has been no spending while I've been on the Contentment Challenge!

How have PowerSheets helped you make progress in your finances?They've helped me pay off almost all of my student loans! I'll be debt free by the end of this year :) I've also made progress on finishing up our wills, and becoming a confidant budgeter! I'm spending money on things and experience I value, and feel much more in control of finances than I did 3 years ago.
What tips can you share about using PowerSheets specifically for finance goals? Use your PowerSheets to help you create a vision for the future, and don't get caught up in the guilt or stress of past or current financial situations.  Money can carry such a heavy emotional weight, but the PowerSheets process helps to break it down. Focusing on the one next little step really helped me.
Any hacks to share? I print out trackers from Rachel Cruze's site that I tape into a blank page in my PS and color in as I pay off debt or save up money. It's really motivating to visually see the progress! 

The PowerSheets user: Jackie of Sugar & Money
Her finance goals for 2020: Maintain $10k in my savings account and pay off $15k of student loan debt.
How she has broken her big goals down: Monthly, I've set a goal to pay $1,230 on my student loans. However, since payments aren't required now, I've been saving the money to make a large payment at the end of the year.
How have PowerSheets helped you make progress in your finances? My PowerSheets have provided the space and structure to record my monthly action items (adding a cute dollar sign sticker to make them stand out!). I also love to divide the progress bar up based on how much I have paid or saved towards the goal. For example, if the goal is $1230, then I will break the progress bar up into 3 sections: 500/500/230. I also love using the Top Priority box to make the goal stand out!

I have been able to save nearly $5000 and pay nearly $3000 on my student loan debt with the help of my PowerSheets. There's just something about writing down my goals and then checking on them daily and weekly that makes a difference. I love being able to show progress or completion of my goals. Aside from my finances, I've read more books this year and I have also stayed on track with my fitness goals. Lastly, I love how my PowerSheets remind me of the need to unplug and put my phone down. 

What tips can you share specifically for using PowerSheets for finance goals? Pick your goal and then break it down into progress you can make toward it monthly, weekly, and daily. If you're trying to save money or pay off debt, track how many No Spend Days you can have using the daily action items/habits. Use the monthly calendar spread to highlight your paydays to show when you can transfer money to a savings account.

Also, don't forget about the action idea column to brainstorm future ideas like opening a separate savings account, scheduling automatic transfers, going to my HR Department to set up a portion of my paycheck to go to a separate bank account, or posting unneeded items from home to sell.

Also, keep your PowerSheets open on your desk or somewhere you can see them daily to remind yourself of your goals!  

Thank you SO much for sharing, ladies! We're honored to be a part of your finance journey! :) For more on using PowerSheets for finance, take a peek at these past posts:

Finance Goal Guide Download
How to Get Started on a Finance Goal
Goal Action Ideas for Finance Goals

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