One thing I love about life is all the opportunities to try something new. The beginning of a new year is a perfect time to take another look at your money and make some fresh plans.
But before we look forward, let’s look back for just a minute.
How did you do last year in these three areas?
- Net worth
You don’t need to schedule an entire day to stare at spreadsheets and crunch numbers. Just sit there and think for a few seconds. Sip coffee, think some more.
Here are a few thoughts to get you going.
- Debt: Paying the minimum doesn’t work. You have to get aggressive and pay as much as you can or you might as well build an extra room cause those debts aren’t going anywhere.
- Budget: Your budget needs to include a recap at the end of the month. Compare your budget to your recap to see places you can make adjustments.
- Net worth: Track your net worth at least quarterly. (Yes, even if your net worth is negative!) Tracking your net worth and watching it grow is often a huge encouragement.
Now it’s time to take a quick look forward.
You don’t need a detailed plan right this second. Just think about next year for a minute. How can you make 2017 10 percent better than 2016? (Sip coffee, think about next year.)
I’d start with paying more than the minimum on your debt, doing a budget every month and tracking your net worth. The rest of your plan will come together nicely.
My Christmas gift to you: FREE SPREADSHEETS!
Download a debt snowball template, monthly budget and net worth tracker at howdoimoney.com/store.