Elaine King Gives You Tips To Welcome The New Year

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

If you are like me, as the end of the year approaches I begin to think about what things I need to do before the end of the year. I verify that I am on or near the path that I committed to at the beginning of the year, I think about the events and activities that are pending and I have a hard time prioritizing it, but I strive to focus on the most important thing hoping to end the year with a flourish.

But you are not alone or alone, we are all in the same car. We want to be good friends, spouses, children, parents, professionals, uncles, cousins, colleagues and at the same time complete in every way. We are living in a society of consumerism, high expectations and speed. That is why I recommend that you give yourself five minutes right now. Start by thinking about the goals you set for yourself at the beginning of the year. Evaluate them to make sure they still make sense, many times our goals change or conform to another goal. If your goals are measurable, on time and quantitative, it will be very easy to assess your progress. If they are not, you have time to change them to that format. If you already achieved them, give yourself a small prize, something that means a lot to you but does not make room for you in your pocket.

On the other hand, there are fundamental goals and objectives for your financial health. These goals should be permanent in any family. Take advantage of the fact that there is still time to continue improving your financial health, here I share five ideas so that you too can end your year with a flourish:

1. Invest in your financial independence; this year, how much have you invested in your passive assets? These are the ones that can give you a monthly yield or interest in the form of a dividend. It can be a company you have with the family or an investment portfolio that helps you complement your monthly and annual needs.
2. Save on your family's education; Regardless of the age of the relatives who live with you, it can be your husband, wife, parents, children or yourself, you should always have an education fund to improve your capacity for personal and professional impact.
3. Lower your debts with high interest; the financial institutions that have your loans many times will not insist that you pay more than the monthly payment because the profit of the loan for them would go down. You are responsible for making a larger or extra payment before the end of the year to stop paying so many high interests.
4. Reduce household expenses by helping the environment; change the bulbs in your house for those that save energy, check the water pipes, consider changing your tires, do a car maintenance, everything that involves prevention and that can reduce headaches for next year
5. Contribute to your emergency fund; In the time of gratification it is very tempting to buy things that you do not need but that make you feel good temporarily, it is recommended to have between 6 to 9 months of your saved net salary to cover any inconvenience, such as an accident, illness, lack of work etc.

Remember all the things about taking time to share with your loved ones, with the community and your friends at this time of year end. It can be with a donation to a non-profit organization, it can be with your time or with your skills in the area that you like the most.

Consider sharing these tips with those who need it most.

TIPS - To improve your financial health before the end of the year follow these 5 tips:

1. Invest in your financial independence.
2. Save for your education.
3. Pay your debts with higher interest.
4. Reduces prevention expenses.
5. Your emergency fund grows.

Elaine King CFP®, CDFA ™, international expert in family financial planning, award-winning author, and speaker is founder of Family and Money Matters ™. https://www.elaineking.net @elainekingfp