As we start into the New Year lots of us will be looking at trying to make improvements to finances, health, fitness and lifestyle through New Year’s resolutions.
The following Red X graphic it highlights the main reasons people don’t fulfill their resolutions.
Mainly the points I took from it were aiming too high, not writing the points down, and not tracking your progress.
Because of my background, I’ll suggest a process for reviewing finances from the point of view of New Year’s resolutions incorporating the Red X points and the graphic I shared last week.
Firstly, just to evaluate your current financial position and that’s from the point of view of if you’re saving every month or do you have money left over to save at the end of the month.
Are you running a deficit so you’re in negative territory? Do you need to make a cost saving? From the point of view of maybe changing your mortgage provider, shopping around for insurance, and utilities, also are you paying into a pension?
The next is to identify stressors, so if you’re sitting down to review your finances is there something on your mind, is there a reason that’s driving you to sit down to look at it?
We take setting a regular saver as something that you want to do.
Are there blockers to that? Do you need to first pay off some debt i.e personal debt?
Or maybe to shop around and make a cost-saving on your utilities to start that savings plan.
So after establishing all of that it’s about creating a plan and creating the steps within the plan and the time frame.
It’s getting those milestones that you can track your progress and then after that, it’s implementing the plan and reviewing periodically.
If you found this article helpful and would like to learn more about how to make the most of your finances, feel free to connect and start a conversation or contact me directly at +353 (87) 778 5325☎️
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