Prepare For The Year Ahead

We are gearing towards the end of the 2017!

And while we are prepping for that most awaited festive season to be with family and friends, it is also quite important to prepare for the coming year as we revisit our finances.

Here are few questions to ask yourself and quick ways that can aid you to start the year right.

Calculate and Re-calculate.
How did you go with sticking to your monthly budget? Have you reached your 3-months emergency fund target this year? Did you manage to put off that debt or fully paid your credit card?

Whichever part of the financial ladder you are in, try to calculate and reset that goal to make it achievable perhaps in the next quarter.

 

Upgrade.
Are you planning to have kids anytime soon?

Or recently got married and have your financial buddy now?

Then it is wise to check on your Insurances and upgrade it to suit your current life situation.

Another thing to consider is upgrading your financial literacy awareness on how else you can accelerate your hard earned money.

Re-assess.
Do you still have that annual gym membership but only went few times this year?

How about giving up your Entertainment subscription for websites like Cobone and Groupon in finding discounts and offers.

Consider switching to latest telecommunication deals as yours might be too expensive.

Re-assess and check other means on how you can lessen your expenses because that’s additional savings into your pocket.

Evaluate.
With so many investment vehicles that are available right now, it can be overwhelming as to which one would be fitting to your time horizon, risk profile and extra capital.

Try to sit back and evaluate your investments if you probably over diversified and not seeing much gain due to fees and other charges.

On the other hand, maybe it is time to explore new investment options now that you have been attending financial seminars, gained enough knowledge to take on some risk and put your financial learning to a whole new level.

Whatever realization you come up with these pointers, know that it there is no such thing as getting rich quick.

We all have to pave our way slowly, building our asset side by side with our financial skills to be able to sustain a healthy financial lifestyle.

All the best and have another exciting new year!

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