Yep, it’s time of the year again for New Years Resolutions to kick-in and for many of us, that means getting your finances in order. Are you financially ready for the new year?
As we slowly approach the new year, it’s a great time to financially prepared for what’s to come. Whether you want to save for a home, get a new job or start a side hustle, you need to financially prepare you and your family. Today the guys review their last year in business and finance and talk about how they are going to prepare for next year.
A Financial Yearly Review
Even though 2016 has come and gone, it is still important to reflection and review of the past year. Start by giving yourself a high five and think about all the things you did accomplish. What areas did you improve and what goals did you achieve? Now that you reached those goals, are there any things you need to do in the next year to maintain those goals?
Next is the not so fun part. Look at what got pushed to the wayside bur don’t beat yourself up for going off track. Move into the new year with a renewed commitment. If your stay focused on what you want you will make progress going forward.
Set Goals For Next Year
It’s always a good time to write your goals down on paper. Once you know where you’re going, you can map out how you are going to get there. This holds true for any area of your life. Every year Andrew and I write down our resolutions on a post it and keep it in our wallets all year. It’s a good reminder of what you want to achieve and make sure you are on track. What do you want to happen in the coming year?
Think about what do you want to happen in the coming year. Is there anything big you need to save for – a move, a baby, a home, a car? Is there anything missing in your financial plans such as retirement savings or life insurance? Setting financial goals for your future self (and family) will help lower stress and set your finances back on track.
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Planning it Out
Although the new year is a perfect time to set financial goals, the challenge is sticking to them as the year goes on. It’s easy to write stuff down on a piece of paper but you need to plan out how you will you reach these goals. Carve out time for yourself and or partner to review your goals and financial progress regularly. Monthly check in’s will help you manage your budget and goals.