A Financial Check-Up for the New Year

by Miranda Marquit · 3 comments

Financial check-up

Today marks the start of a new year, which is a good time to assess your finances and make sure everything’s in order. As the new year gets underway, here’s what you should consider:

Income

Do you know where your money comes from? This is just as important as knowing where your money goes. You should know what sources of income you have, and how secure they are. Figure out whether you’re relying too much on one source of income. If so, consider ways you can add a little income diversity to your budget in the new year — from starting a side hustle to doing odd jobs.

Expenses

Consider how you’re spending your money. Does it match your priorities? Think about what’s important to you, and cut out what isn’t.

You might be surprised at the amount of money you’re wasting each month. If you keep track of your expenses — even the little things — you’ll find ways to keep them from draining your wealth away.

Insurance

Are your assets properly protected? Check through your insurance policies to make sure that you have the right amount of coverage. If your home has increased in value, you might need to increase your coverage. Check your car insurance to make sure that it makes sense for your situation. And don’t forget about your health insurance. If you have a high net worth, it might even make sense to purchase umbrella insurance.

The Future

It’s also a good time to think about your future and make sure you’re prepared for what’s next. This means evaluating the size of your emergency fund or saving for something special. You should also look at your retirement savings. Could you set more aside?

Don’t forget that debt can have a big influence on your future, as well. Now is a good time to review your debt situation, and make changes to begin paying it down. Any time you’re paying interest, you’re enriching someone else — and not using your resources to your best advantage.

The new year is a time to think about your finances, review your spending plan, and make changes that will result in a better financial situation in the long-term. If you take the time to do this, you’ll be well on your way to financial security.

Have you given yourself a financial check-up for the new year? 

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{ 3 comments… read them below or add one }

artesanatos January 3, 2013 at 2:38 am

I think this time of the year is great to make a realistic and objective balance of your finances. You need also to set your financial goals for the next year and plan well how you will reach those goals. You need to plan how much you will save, how much more you need to earn and how and compare it to what you have achieve on the previous year.

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Marbella January 8, 2013 at 2:37 am

The key is to make sure you can follow your budget and where you have been right or wrong in your budget so you can try to correct it as soon as possible.

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infinite-banking-concept.org December 6, 2013 at 4:54 am

Many thanks for the idea. I have been trying to obtain
a new handle these kinds of issues lately this also truly provided me a new insight.

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