This is the time of the year where we sit down and look back on the year that is ending and plan for the upcoming year. Doing this is extremely important for our financial health and wellbeing. So, take some time before the end of the year and take the following steps:
- Review your budget to see your actual income and expenses versus what you had budgeted. You don’t have a budget??? Well, then now would be the time to start one for 2018!
- Determine where you did well and where you need to improve on for next year. Do you need to reduce spending in some areas? Do you need to save more?What needs to change in your lifestyle?
- Establish your financial goals for 2018. What do you want to accomplish?
- Look ahead. Do you foresee any major changes occurring in the new year that you need to plan for? Such as possible loss of job, retirement, purchase or sale of a home, college for kids, etc.
- Put a plan together. What are you going to do differently that what you are doing this year to ensure financial success?
- Adjust your budget for 2018 based on your findings and plan for any anticipated changes in the new year.If you have a spouse and kids, get everyone involved so they have buy-in.
May the new year be full of blessings for you and your family!