Every time my birthday nears, I try to come up with the gifts that can gift to my to signify this special day. Striving to be different this year, i decided not to buy any gifts on impulse and instead, I am going to reflect on the year that had gone past with regards to my financial situation as well as the various money challenges I set out at the beginning of the year.
My intention of doing this is to keep track of the progress I’ve made, make adjustments where necessary, and develop new goals for the next 12 months. I've listed the steps I plan to take below:
- Keep track of my financial status. This includes my savings, investments, money challenges as well as my business ventures. Knowing my financial status is important as it allows my to be accountable to myself.
- Keep track of my financial liabilities. Credit-card balances is one of the biggest enemy that delays me from reaching my financial goals. Drawing up a plan is important to know of my progress in paying off those debts. With proper planning, i can even make additional payments to reduce debt faster.
- Assess my insurance policies. Keeping track of homeowners, life, and health insurance policies (as well as other policies) and knowing what my deductibles are and other details can help determine if there is a need to decrease or increase coverage amounts.
- Establish 12 months financial challenges. This will further emphasis on my 52 weeks money saving challenges, my financial jars, my coins challenge and possibly new ones i may come up with and not forgetting savings challenges for my children.
Think about gifting yourself time to review your financial situation.
Share your thoughts. Do you review and update your goals annually? If not, how often? How do you evaluate whether you’re reaching your financial goals?
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