Remember that this is a new year which means that the reflections on 2014’s financial behaviors are just that.  Assessing your past and current financial status is necessary to determine what you need to do to become fit.  Avoid staying stuck in the past on financial failures or disappointments of unmet goals.  Staying on top of your finances is not always as easy as it seems.  Preparing for the journey to the top can be easy, even if you are upside down.

For example:  Did you meet your savings goals?  Did you stay within the boundaries of your recreation and entertainment budget?  Did you fund your emergency fund in 2014?  Have you taken the steps to start planning for your retirement?  Are you on track for paying off or paying down your debt?  An assessment is necessary in order to determine how to implement the proper diet for your finances.

If you discover that you did not meet your savings goals in 2014; not a problem.  Re-assess your goals and start today.  Caution:  if you are in debt; my suggestion is that you fund your emergency fund with at least $500.00 to $1000.00; get aggressive with dumping as much money as possible on to your debt to stop the bleeding, then start your savings plan.

Otherwise, get aggressive with increasing your emergency fund to at least 3 to 6 months of your monthly expenses.  Some experts say 3 to 6 months of your income and that’s fine; however if your expenses exceed your income, you will probably not be able to meet your obligations should an unfortunate situation arise such as a job loss, loss of spouse or downsize on your job.

Skipping the assessment and continuing on with the same plan from 2014 will yield the same results in 2015.  Meeting your 2015 goals will be predicated upon a proper financial checkup.  Stop for a moment, sit down and give your finances a serious once over.  Today is the day to start fresh!

I look forward to having a dialogue with you on getting fit!  Please leave a comment.

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