Personal Improvement

Are You Financially Ready For The New Year?

Updated on March 27, 2020 Updated on March 27, 2020
Listen Money Matters is reader-supported. When you buy through links on our site, we may earn an affiliate commission. How we make money.
"He who fails to plan is planning to fail." —Winston Churchill
Table of Contents  
  1. A Financial Yearly Review
  2. Set Goals For Next Year
  3. Planning it Out

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.

Get our best strategies, tools, and support sent straight to your inbox.

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.

Laura Fiebert - Head of Operations
Laura is a huge part of what keeps LMM going. She edits the podcasts, books the guests, writes, manages social media (except twitter, she hates it) and a million other things that keep the wheels turning. Most importantly makes sure everything gets done.

She's an avid knitter, wine drinker, and thrifter. A passion of Laura's is second-hand shopping and refashioning vintage clothing. She now has a side business reselling thrift store finds using Poshmark. You can check out her closet here Very soon she'll be launching a site documenting how she runs her Poshmark business so she can teach others how to make money thrift flipping.
She loves cheap champagne, traveling and crappy reality TV.

What's next?

learn course podcast popular toolbox