The New Year is upon us and you might be thinking about how you’re going to do things differently. No matter the area, we all do it. We think about ways to improve, how to get to the next level. With our money it’s no different. Personal finances tend to be an area that we all focus on and want to improve as we usher in a new year. Join our community of money masters and wealth builders to get more practical ways to take small steps to change your financial life.
So, without further delay, here are 10 responsible money actions you can take into the new year and start to move the needle in your financial life:
- Conduct a 30-day Lookback (although, I suggest 90 days for the best insight about your spending behavior)
- Check your credit report
- Build a budget for 2016 (subtract $100-$500 from your income, to live below your means and create savings)
- Analyze your debt and see how much you have and how much its costing you
- Calculate your savings rate and build it into your budget
- Develop positive money mindsets before 2016
- Develop a reading list for financial books to read in 2016 or join a book club
- Build a financial team in 2016
- Review your beneficiaries and key protection documents (will, trust, advance directive, health proxy, etc)
- Develop 1-3 income strategies based on your current experience and expertise
I know you may or may not know what some of these actions really entail, but the first step is to know what to do. If you need more help, join our community, where you can learn more about these money behaviors. The new year is going to be here before you know it. Do something different to get a different result, especially if what you did this year hasn’t worked.
Remember, it’s the small steps that lead to our larger victories. We must celebrate our small wins. Take action in the new year to take your finances to the next level.