How to Streamline Your Monthly Financial Plan for 2018


Originally published at:

Over the course of a year, our finances are often hit by many different things but streamlining your monthly financial plan for 2018 can help you to reap the rewards at the end of the year. The following sections illustrate how you can plan your personal finance budget for the year 2018:


Quarter 1 –January to March
January is the month where you can plot forecasts and goals for the year ahead. Therefore, you can start by creating a plan of what you want to achieve over the next 12 months.

If you have any investments then it is time to look at your portfolio and consider where you can make savings and you can also look to make tax savings if possible. Look at the deadlines that lay ahead such as when insurance requires renewing, when loan payments are expected as well as any other bills as this will ensure you do miss them and face further fines and expense.

The second month, February, is upon us and you should be looking at any announcements that can affect your salary, your budget and any investments you might hold. Look at whether you are owed any money in anyway as this

In March, look at starting to get your savings planned. Also February and March in Pakistan are very busy for the wedding and other ceremoneys so it may help you to plan for those in advance. Get organized and in order because the year is moving on and you are already a quarter through it. Planning this in advance now will ensure you are top of things to avoid surprises. Also be prepard for your kids education as most of the school years will start towards end of 1st Quarter.


Quarter 2 – April to June
In April it is time to keep on track of any budget changes that could have an impact on your annual household budget.

May could come with some good news if you have been successful in your job as you could see your income rise during this month. However, if you have received a bonus, this could be a good opportunity to reduce or pay off your debts or even pay it into your savings. However, a rise in pay could result in a tax increase so consider any additional tax you might have to pay.

June marks the budget announcement months so be careful and plan ahead of the time. It is also the end of the first half of the year, so think about your tax returns once again so that you remain organised for your tax submission to FBR toward 3rd quarter of the year. Consider looking at how you can make payments more efficient by taking advantage of automatic payments that are made without your input. This can make it easier to keep your budget in check each month.


Quarter 3 – July – September
During July, you may have experienced the changes in your expenses due to recent budget announcement so try to find out ways to save money. Take a look at your insurance policies and make sure the details are still relevant and you are still having best plan in hand. If you have car insurance, make sure it is correct, is your home insurance offering sufficient protection and consider whether any life changes could have an impact on your life insurance.

August leaves you thinking about your savings and how you your emergency fund is fully prepared for any unforeseen changes in your circumstances. Consider having six months’ worth of funds available to help you cover and cope with any changes.

At the start of September, take a look at your credit score and how it has altered throughout the year. See if you can improve it and what needs to be done to boost it. Also be well prepared for this month as most of college and university academic years will start in September or October so you might need to be prepared to pay your children educational fees.


Quarter 4 – October – December
In the last quarter, be well prepared for personal tax return submissions to FBR Pakistan. Also consider your credit card bills at this point of the year in October. With only a few months left of the year, it is a good point of the year to see how your card has performed for you. If the time has come for you to move cards, consider comparing the different cards available to you by using

In November, consider any celebrations that might lie ahead and look at how you are going to afford paying for it. This means you should not look to increase your credit card bills but look at you can shift your budget around to cover the costs.


The final month of the year, it is time to see if you are getting the best rates on everything that you pay for by comparing at This can include car insurance, broadband, home loans, personal loans, car loan, health insurance, credit cards, saving accounts, life insurance etc. Consider giving your finances a one final overhaul so that you can begin the New Year with a clear mind and the ability to begin planning ahead once again.


“Mawazna Karein Apne Liye, Apno key Liye”