Ladies and gentlemen, welcome aboard MoneyAir Flight 2013, with non-stop service to Money Success! It is my pleasure to be your financial flight attendant who will guide and assist you for the duration of this 12-month journey.

Your trip on MoneyAir will be customised to fit your needs, as all passengers must create individual flight plans to achieve their personal objectives. It is important that you make a directional map that is specific, measurable, achievable, relevant, and time-based. If not, your journey will be aimless and frustrating, and you will not be able to reach your desired destination.

On MoneyAir, we put you in the pilot’s seat, as you are actually the designer and driver of your own destiny. You will be required to adopt a persistent and determined attitude on this flight, as it will not always be a smooth or simple journey. As we prepare for take-off, please pay full attention as I explain the safety features of our special flight.

Use your financial compass

Before you begin this journey, you must fasten your financial seat belt by preparing a budget spending plan. Please download a budget template at www.financiallysmart.org and fill out all the expense items that you expect to occur over the course of this year’s trip. We suggest that you stick to your budget throughout this flight, as we may experience quite a bit of turbulence.

Your budget will be your main directional guide for this flight, as it will help to prevent you from going off course by spending too much on frivolous or unnecessary items. It will also point you to how you can adjust your spending priorities to ensure that you can save and invest enough to attain your major financial objectives.

Maintain your financial progress

It will be necessary to create an emergency fund account to protect you from possible challenges during our flight. Please take a few moments now to work out how much money you would need to pay your basic expenses for three to six months in the event of job loss or medical crisis. It is critical for you to start saving consistently to inflate this safety cushion as soon as possible.

You will need to track your spending each month to monitor your financial requirements, as your income could drop to a dangerously low level and become inadequate to meet your needs. In this event, you might be tempted to hit the panic button and borrow to supplement your earnings. This will only further constrict your ability to pay your bills, so we strongly advise against this action.

Survive financial turbulence

If your earnings become insufficient, the preferred approach is to increase your inflow of money. Use your budget to calculate exactly how much more you need to earn each month. Then, think of ways to achieve your income target by using your creative talents and everyday assets to offer products or services which can satisfy people’s needs and problems.

In the event that you fly into severe financial turbulence because of excessive borrowing, do not adopt the bracing position where you try to hide from your reality and avoid dealing with your creditors. Attract attention to your problem by explaining your situation to your financial institution and asking for assistance to create a debt-reduction plan.

Soar to financial heights

Getting to your destination will be faster and more fulfilling if you maintain a higher altitude of earning. While it is possible to achieve your objective with a slower speed and lower elevation, you may become weary and discouraged along your journey. Therefore, it’s best to utilise ways of increasing your income to maximise your flight experience.

One way to improve your flying time is to invest your money and make it work for you. You can develop your investing knowledge by reading books, magazines and reputable online sources for guidance. To achieve warp speed towards your goals, you can also consider operating a profitable business system or establishing passive sources of income.

Protect your financial flight

As you navigate your way towards your objectives, remember that there are important safety devices that must be on board to help you to maintain your flight plan. Ensure that you have adequate health, critical care and life insurance, as these can provide financial backup if you are temporarily or permanently unable to pilot your aeroplane.

It is one of our regulations here at MoneyAir that you make proper plans to seamlessly hand over the controls in the event of your passing. We ask that you obtain expert advice in creating legal documents that will help your beneficiaries to preserve the fruits of all your hard work, so that they can effortlessly continue on their own financial journeys.

You can locate more detailed instructions to guide you on your financial flight in all the articles on this site. Ladies and gentlemen, please get comfortable in your seats, as MoneyAir Flight 2013 is now ready for take-off. We hope that you will enjoy the trip and we look forward to an exciting and rewarding journey this year!

Originally published in The Daily Observer, January 3, 2013

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl