Here are five financial resolutions you’ll want to keep all year long. Not only will they give you a strong economic foundation, but will also offer peace of mind. Plan to set aside a couple hours of quiet time. Get your computer warmed up, round up some paper and a pen and let’s get started.
First, we’re going to address the emotional aspect of making a resolution. A resolution is simply a commitment to make certain habits (hopefully positive ones) a part of your everyday life.
Let me ask you a few questions:
Do you have the desire to go financially forward in positive ways? Are you willing to make a plan and consistently work that plan? Are you willing to commit to your financial future not just today but for years to come?
If you can answer, “yes” to all three questions, you’re ready to begin working on your five financial resolutions.
Resolution Number One: Keep great financial records.
Your financial record keeping is only as good as the records you’re able to find. Do you have a computer program or a filing system to keep you up-to-date with all your financial information?
Now is the perfect time to begin fine-tuning an efficient record keeping system that will fit the needs of your financial life style. A good record-keeping system, when consistently worked, can save you time, effort and stress.
**I’ve made a recommendation at the bottom of this article.**
Resolution Number Two: Make time to review your credit report.
When was the last time you took a good look at your credit report(s)? Is it time to read, check and analyze your credit history? You never know what “treasures” you may find.
This resolution should be done at least once a year. Set a date on your calendar and plan on spending a few hours conducting a credit report check-up.
Resolution Number Three: Stay up-to-date and current on your overall net worth.
At least once a year, work the numbers to get a clear picture of your assets and how they’ve grown. This means knowing the equity and resale value of your home, car(s), personal property such as jewelry and art, investments and savings. It also means knowing the amount of your current debt – credit cards, loans, mortgages, etc.
Resolve to organize and protect all vital documentation, appraisals, account numbers, safety deposit box keys and other important items.
Can you see how this resolution will help to foster greater peace of mind and financial self-confidence?
Now is the time to make a list of all the items you have and the items you’ll need to gather. Commit to taking action within the next week. Knowing what you’re worth financially is a huge step toward planning an abundant and wealthy future.
Resolution Number Four: Update your estate and insurance documents and secure them in a safe place.
Do you have a will and trust agreement? Does someone reliable know where to find these important documents?
Have there been any major life changes during the last twelve months? Is there a need to update insurance policies, bank accounts or other documents? Are your beneficiaries and power of attorney documents accurate?
Do you need additional insurance? Have you moved or bought any new high-ticket items? Have you taken recent pictures or video of your home and possessions for insurance purposes? Do you have the name and number of your insurance agent filed with your financial documents?
You’ll sleep easier knowing your family is taken care of in the event of an emergency.
Resolution Number Five: Analyze and fine-tune your savings and retirement plans.
How are you doing with your savings plan? Are you faithfully contributing to a savings program either on your own or through work? Are you on track for meeting your savings and investment goals?
How are you doing with your retirement account? The more money you can invest in a retirement plan, the more you’ll have for the future. Are you taking full advantage of the retirement plans offered by your employer? Should you be opening up additional accounts on your own?
Looking at your savings schedule, are there any big purchases looming on the horizon? Do you have a plan in place to cover college expenses for the children or grandchildren?
Is there a good mix in your investment portfolio or do you have all your investment eggs in one basket? Should you contact your financial planner or broker to review and update your portfolio?
Commit to taking action within the next week. Make the calls and set up appointments with those professionals who can help you ensure a secure future.
No better time than now to give yourself financial peace of mind. Just remember the old saying, never put off until tomorrow what you can do today.
Here’s to an empowered, financially prosperous and abundant year!
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Please take a few minutes to visit my website www.SharonMichaels.com for more empowering suggestions, tools and tips and sign up for my free weekly ezine, Unlimited Success for Women.
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