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We are only counting the days before we close 2016. It was
indeed one fast year and before we knew it, the New Year is just lurking in the
corner. I am most certain that we are all excited to welcome 2017 with open
arms and a healthy wallet too. And with
the holiday season behind us, this is one great time to put together a
financial plan. As I am a firm believer of planning ahead, might as well put
planning into action particularly our finances. And I am sharing with you one
tip as to how you can prepare financially for 2017.
Review Your Finances
In order to determine our current financial health, it is
best that we get to review our finances. Reviewing alone takes a lot of time
and effort however I can guarantee that it is worth it. When reviewing your
finances, here are the main areas to cover.
Bills
You need to take a look at your bills be it monthly or not.
Take a look at each of those services and identify if such services are your
needs or wants. Are there services you can live without? Perhaps are there also
services that you can unsubscribe? Are there services that you can also tone down?
Are there cheaper alternatives in the market too? For instance, if already have
a postpaid plan and yet you still have a landline at your house, perhaps you
can eliminate the telephone service. If you are running a 5Mbps Internet speed
yet you are not usually at home to enjoy this, might as well lower your
Internet bandwidth. You see reducing your bills can greatly help you in saving
a few hundreds and even thousands by 2017.
Debt
The next thing to review would be your debt. Make sure that
you put these things in order. You can consider listing down your debt be it
credit card debts or loans. Sort it from the smallest to the largest. Then
indicate when you will be able to pay it. For instance, if you incurred a credit
card installment that is payable in six months, note when will you be able to
pay it and how much your monthly payments are.
Cash Flow
The next thing to review would be your cash flow. Identify
your sources of income. List down your jobs or your business and also your
investments. Then list down your expenses on a monthly basis. This will help
you identify if the money going in is greater than the money going out. If it
is the other way around, perhaps you might consider new income streams by 2017 or lessen your expenses in the process in order to keep yourself and your
finances afloat.
Budget
I know making a budget is relatively hard and much more
sticking to it. However, it would be best that we get this habit started
especially with the New Year. In line with that, work on a budget that would
suit you best and your current financial state. Track down your expenses so you
can be able to create a workable budget.
Since we still got a few days left before 2017, we still
have a lot of time to review our finances. This will definitely serve as an
eye-opener as to the current state of our money. This is more like a reality
check.
P.S. My very first e-book is finally here. You can buy it using the Buy Now button at the right or via bank deposit. Only Php 150.00. Purchase your copy now.
P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 52 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.
P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 52 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.