What’s Working and What Isn’t: Further Developing Your Financial Goals

- by Elizabeth Redfern

The Complete Guide to Financial Crisis RecoveryChapter 5

Nice going! You’ve been putting your recovery plan into action and seeing some real change. Now it’s time to reassess and continue developing your financial goals.

What's working and what isn't working of your financial goals - Chapter 5 financial crisis recovery guide - Cashfloat

Developing Initial Financial Goals

Your initial plan for recovering from a financial crisis from coronavirus probably won’t be perfect. It’s nearly impossible to foresee exactly how you will fare with your program. What you originally thought would be an excellent system to pay off your debt may not be working for you as well as you’d hoped. Nevertheless, it’s more important to start implementing a well-thought-out plan immediately than making sure that it’s 100% perfect on paper.

Often, you’ll only be able to notice things you need to adjust and fine-tune once you begin putting it into practice. Like we discussed in the last chapter, the key to success is action. The sooner you actualize your recovery program, the sooner you’re on your way to success.

Success is going from failure to failure without losing enthusiasm- Winston Churchill Success is going from failure to failure without losing enthusiasm- Winston Churchill

Time to Reflect

Once you’ve started implementing your plan for one month, it’s time to look back and reassess. Go back to your financial recovery plan worksheet that you completed in Chapter 5. Sit down with the past month’s bills and receipts and fill in the “Actual Cost” column of the spreadsheet. The worksheet will auto-generate your totals, and you’ll be able to see clearly what worked for you and what didn’t.

If You’re in the Red

If you went over your budget this month, don’t panic. Like we discussed, the main thing is that you started putting your recovery plan into action – even if it’s not perfect. And now you can take stock of the issues and the successes and develop your financial goals further, so they are more realistic. Ask yourself the following questions:

  • Did you spend way more money than you projected?
  • In which categories of your budget did you overspend?
  • Why did you overspend?
  • Do you just need to be more conscious of your spending habits?
  • Or was your projected budget unrealistic for that category? If you find you are really struggling to stay afloat with rent, food and utilities, consider cutting back your debt payments to a more manageable level.
  • Is there another money-making or money-saving strategy that you haven’t tried yet? Plan to implement at least one this coming month.

It can be frustrating not to see fabulous success right away after making significant changes to your spending and saving habits. But just like a newly planted seed doesn’t immediately turn into a tree, recovering financially from a crisis takes time. You may need to water your seed for several months before you see substantial growth. However, that doesn’t mean that the seed isn’t growing beneath the surface.

Changing old habits is hard, and it probably won’t happen overnight. But like Winston Churchill said, “Success is going from failure to failure without losing enthusiasm.” It may take you a few months to fully develop and fine-tune your financial goals, but the main thing is not to lose your enthusiasm. Even if you don’t make significant progress in the beginning, you are building new financial habits that will undoubtedly bear fruit.

Learn from your accomplishments and mistakes to forge a path to financial freedom -Cashfloat

If You’re in the Green

Did you stay within your budget? Excellent work! Your initial budget seems to have really worked for you. If you’re able to finish the month in the green, still try to identify ways you can develop your financial goals even further. Ask yourself the following questions:

  • How much money did you save by changing your spending habits? (You can find this figure in the “Difference” column next to each category on your budget)
  • How much extra income were you able to bring in?
  • Can you increase your debt repayment for the coming month? If you are very comfortable with your plan, consider putting another small sum towards paying off debts, even upping your monthly payment by 2 or 3 pounds.
  • Can you increase your contribution to your savings for the coming month?
  • Is there another money-making or money-saving strategy that you haven’t tried yet?

Remember, consistent action is the key, so don’t try to take on too much or set your goals unrealistically high. It’s better to work on your recovery plan at a slow and steady pace. Nevertheless, it’s good to take note of ways you could continue developing your financial goals in the future. It doesn’t have to be this coming month, but if you see you consistently have extra money at the end of the month, you may want to consider increasing your debt repayments.

Developing your Financial Goals Further

Taking stock of what’s working for you and what isn’t is crucial to developing realistic financial goals. Now that you’ve assessed your goals from this past month, take what you’ve learned and apply it to the coming month. Copy over your financial recovery plan from Chapter 5 (or download it again below) and fill out your budget for the coming month, based on your findings.

Remember to date your worksheets so it’s easy to keep track of your monthly progress! You’ll probably be more accurate in estimating your projected costs this time around. Keep these worksheets handy and repeat this assessment process at the end of every month. This will help you refine and continue developing your financial goals as you make your way towards financial independence.


  1. Financialmentor.com (n.d.), “Don’t Let An Economic Downturn Ruin Your Wealth Growth,” – Retrieved 28/04/2020
  2. Financialmentor.com (n.d.), “6 Steps To Recover From Financial Disaster,” – Retrieved 28/04/2020

Do you know someone who could benefit from this article?
About The Author
Elizabeth Redfern
Elizabeth Redfern is a born and bred Londoner who loves the city life. She is a proud chocoholic who enjoys reading, jogging and eating - especially chocolate! Elizabeth attained a first class degree in Mathematics but chose to make a career out of her real passion, writing. She has published many poems and short stories, but decided to join the Cashfloat educational channel writing team because she is passionate about helping people take care of their finances leaving them free to enjoy the finer points of life - most notably (in her opinion), chocolate!
Need money today? Apply now for our fast payday loans.
Blog disclaimer

We do all we can to bring you interesting, practical and valuable information. However, please understand the following:

Information and data on this blog are for information purposes only. While we work hard to ensure it is accurate, we cannot accept responsibility for the accuracy, completeness, suitability or validity of any information provided on the blog. We will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use. All information is provided with no warranties and confers no rights.

If you feel that any of the information published on our blog is not accurate, please notify us via email at compliance@cashfloat.co.uk

Cashfloat is a trading style of Western Circle Limited - Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479. ICO Registration Number: Z3305234

* Cashfloat terms and conditions apply. Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Cashfloat responsible lending policy. In most cases, loan decisions may take up to 30 minutes during office working hours. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.

*Money will be funded to your bank within 1 hour of approval - Mon-Fri during working hours.

Representative example: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74% Our APR includes all applicable fees. Daily interest is capped at 0.798%.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk