Looking ahead to the new year there are probably more than a few things you hoped to get done that you didn't have time to finish up in the last year. Despite this, don't let life get too busy to get your financial house in order this year and take action now.
First, it's important to reflect on the past year. Reflecting is an important step in understanding your situation and creating a path to go forward. When looking back at the year, what did you do well? What goals did you accomplish? After looking at my notes I realized I hit one of my goals, reading 25 books. In fact, I finished the year with 29 books (not including a few with the bookmark still in them)! On the other hand, what, if anything, did you hope to accomplish but fall short of? Is this still a priority for you in the upcoming year? I know my roommates would all be quick to tell you that I fell short of one of my other big goals. I began a long project this summer of putting all new siding on the house I live in. I kept telling them how I would have it done by the end of summer. Well, the end of summer rolled around and I still had a long way to go, So I pledged that I would have it done by the end of the year. Sadly, this didn't happen either as one little section still remains. My new goal is to have it done by spring break and it's not one I intend to let slide.
Once you have reflected, you can begin working on the steps to prepare for this year. Here are a few things you may want to consider doing sooner rather than later.
• Check your credit report
• Review your insurance coverages
• Review and revise your goals (make Goals That Stick)
• Update your budget
• Begin paying yourself first
Each of these tasks is a pretty simple step to ensuring you’re on the path to financial success and they don't take long to do, so don't put it off any longer. Over the next couple of weeks, we will be posting an in-depth look at each of these topics to help you become money smart! Be sure to take advantage of our recommendations to make this YOUR year!
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