Step 5 - Implement the Plan

Now that you have adjusted your figures and you're happy with where you're heading, you need to put the plan into action. Your bank should allow you to set up scheduled transfers in order to automatically transfer money from your primary account into your secondary accounts. If you're unsure of how, call your bank. They would be happy to assist you over the phone. That way you don't have to think about it. It happens automatically without any action on your part.

Consider the starting comment "humans are creatures of necessity". You have now created accounts that facilitate the "necessities" whilst allowing you to progress financially. When your grocery account is depleted, that's it! You have no more money! You then have to make a choice. Next week do you try to spend less money, or do you modify your savings plan to allow your living expenses account more money each week? Bear in mind that you need to enter the adjusted amount into your plan so you can immediately see how much it affects your long-term plan. This isn't about saying that you need to live frugally, but it is about making choices - does limiting your expenses mean that you'll get to where you want to be 10-20 years from now?