With the new year approaching, what better way to kick things off then by getting back to financial basics. The basics are easy to let slip and lose control of if you’re not mindful of them. In order to get back to stable financial ground in the new year, check out the following items and see how you’re stacking up.
Kick things off on the right foot by setting up a financial calendar. Set reminders for monthly payments, pulling credit reports, and any other money to-do’s that too often fall through the cracks. Setting reminders keeps your finances in check and gives you the opportunity to look at the year ahead of you. There’s nothing better than being prepared!
Tracking Net Worth
Periodically, it’s a good idea to check in on your overall net worth. Keeping an eye on your net worth is the best indicator of your financial footing. It also will put into perspective your debt versus your assets. If you owe more money than you’d like, tracking your net worth will help you see progress towards your goals in either direction.
Reevaluating and creating new goals is an excellent way to get back to the basics. Financial goals, big and small, are great ways to get you where you want to be. Identify what you need to accomplish and plan how to attain it. Solidifying goals will give you something to work towards.
Becoming Money Savvy
Finally, take the time to become money savvy overall. You can do this by practicing smart spending, learning new ways to save, and staying on top of finance trends. You can also work on sticking to a budget in order to keep your finances in tip-top shape! No matter what you do, work on improving the way you think and interact with your finances.