Do you know what your financial priorities are?
What would you like to be spending your money on?
I’ve created something called the “Financial Priorities Wheel.”
It’s a simple tool to help you recognize what you would like to prioritize your spending on.
This exercise mimics the life coaching “Wheel of life” but with your money 💵
Pick up to eight things you truly value spending your money on and rank how you are actually valuing them on a scale of 1-10 (10 =most valued).
After you’ve done this, rank them again with where you would LIKE them to be.
Here is an example:
Some examples for financial priorities could be:
The FPW will help you prioritize what you value and give you the insight on where to balance your time, money, and effort between the different areas of interest in your financial life.
If you would like to go one step further, you can label your priorities from highest (1) to lowest (8) on the wheel. This will help you determine what you would like to focus on immediately. When you are setting up your budget, keep this FPW in the back of your mind.
Go through the FPW wheel exercise here
Have fun!