The abbreviation splits into Debt Review, Examining Income and Expenses, Planning, Leakage Monitoring, Observing Progress, and Years Ahead. Each step in this framework builds on the previous one, creating a comprehensive roadmap for anyone to attain financial success.
Let us review these in detail:
Debt Review: The first step in the DEPLOY framework is taking a look at your debt. You see that not all debt is bad, but identifying and categorising it is crucial. This book suggests making a list of all your debts, including (good debt vs. bad debt), interest rates, and repayment terms. By doing so, you can get a clear understanding of where you stand and what you need to prioritise. For example, high-interest debt, like credit cards, should be tackled first, while low-interest debt, like a mortgage, can be managed over time.
Examine Income and Expenses: It is important to evaluate your income and expenses. Therefore, understanding how much money is coming in versus how much is going out is important. By examining your cash flow, you can identify areas where you might need to spend more money or pay attention to savings. Omolayo advises tracking your expenses carefully and comparing them to your income to ensure you are living within your means and in surplus—not in deficit—to attain budgeting and financial planning.
Planning: As the most important step of the DEPLOY framework, Omolayo Sokoya encourages us to create a realistic financial plan that aligns with our long-term goals. Whether it’s saving for retirement, purchasing a home, or paying off debt, this step ensures that you stay focused and set SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals. Why? To ensure that your financial journey is structured and purposeful.
Leakage Monitoring: One of the most insightful parts of the DEPLOY framework is Leakage Monitoring. “leakages” are the small, unnoticed expenses that drain your finances over time. These could be unnecessary subscriptions, frequent dining out, or impulse purchases. Therefore, monitoring and eliminating these leakages can significantly improve your financial health. By regularly reviewing your spending habits and unnecessary expenditures—you can ensure that these small leaks don’t turn into large financial obligations.
Observing Progress: Tracking your progress is essential to maintaining financial discipline. Life is unpredictable, and financial goals may shift, but by observing your progress and financial plans regularly and adjusting as needed, you can stay on course. Whether you’re achieving milestones like paying off debt or falling behind on savings or your monthly budget, it is of utmost importance to observe your progress as it will keep you accountable and focused on the end goal.
Years Ahead: The final step in the DEPLOY framework focuses on long-term financial stability and effective risk management. By encouraging planning for the future, including retirement, education for children, legacy building, and insurance, this step encourages you to think ahead. By doing so, you can secure your financial future and ensure you are prepared for any unexpected events. Omolayo’s advice on this step includes building a solid financial safety net, investing wisely, and regularly updating your financial plans as your life changes over time—so that you can stay ahead of time.
In a nutshell, by following the DEPLOY framework, anyone can take control of their finances and build a path toward long-term prosperity. It’s a structured, practical system that addresses both the immediate and future needs of financial planning.
So, are you ready to implement this framework into your life? Purchase your copy of “The Balancing Act of Financial Freedom” from Amazon: https://www.amazon.co.uk/dp/180517892X/.
In addition, remember to schedule a consultation with Omolayo Sokoya by going to her website, www.valuedchoiceltd.com.
