Review your year to date spending!
How did you do this year? What can you change to increase your cash flow versus outgoing expenditures? It is very easy to waste money throughout the year without being able to pin point where it was spent. Now is a great opportunity for reflection. Take 30 minutes and think about how you have managed your spending this year. Did you frequent your favorite restaurant(s) more this year than last year? Have you invested more or saved more or less money this year? Have you done more clothes or shoes shopping than 2014? Have you experienced more emergencies this year than normal and had no emergency fund in place to cover the expenses?
Evaluate your literary ability to manage your finances. Have you recently read an article or a book to continue your education on financial literacy, wellness or wealth? When was the last podcast, webinar, online class, financial counseling session or financial workshop have you attended? Are you where you would like to be? If not, identify the reason why. If you need help, seek out a mentor that has accomplished the financial success that you desire to accomplish. If you have identified bad financial behaviors, now is a great time to exchange them with good behaviors. Above all educate yourself and find a trusted professional to help you to create new disciplines that could change the course of your direction. Learning how to be financially empowered is a life-time journey. Doing the same thing year after year will yield the same results.
- Schedule an appointment with your tax professional to inquire about year-end changes that you can make NOW that will prepare you for 2016. Looking at your tax exemptions and other deductions could change if you have gotten married or have new additions to your family etc. Be proactive, December is a very busy month and April 15th will be here before you know it.
- Re-visit your financial portfolio with a trusted qualified financial planner. How does your retirement plan look? Are you on target with your assets and will they sustain you throughout retirement? Are you on track with other investment goals?
- A last minute review of your finances can save you money. Save money and time by setting up online payments/deposits for bills and savings. Review your insurance coverage (auto, home, life and medical). Are you over or under insured? If you feel your coverage is somewhat inflated; shop around for comparisons that will help you to make an informed decision.
It’s now or never! The assessments, plans and changes that you make NOW will dictate what your 2016 will look like. Happy reviewing and taking ACTION!!
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