Want to keep your budgeting on track?
Review your financial accomplished over the last nine months.
Since it’s already fall, the Fiscal 2010 is three-quarters through! I take this time to review the year with my clients, and help them celebrate their efforts and crystallize what the last three-month stretch will entail.
One thing that we don’t do well is celebrate our wins. We need to pay attention to dropping mortgages and loans, increasing savings and retirement funds. Spending just a few minutes to go over your net worth will help encourage you to keep plugging on.
January is a good chance to review all of your statements. Note how your debt shrinks while your savings grow. Add up all of your assets and subtract debts. Don’t forget assets like cars, art, and anything that you could sell for cash (they all count!). Write your net worth and then write down what you want it to be in three months.
Treat yourself to a spicy pumpkin latte, and write down what you need to do in the next three months to get to your ideal net worth. For example:
- Save $XX to get to your savings rate.
- Pay an extra $XX on credit cards or mortgages.
- Contribute $XX towards your RSP.
Review – and then reward – your sweet finances.
Dave
David C. Lester is a Professional Financial and Life Coach and author of the popular Canadian personal finance lifestyle blog, iheartmoney.ca. Throughout his career he’s gained his personal finance expertise from holding advisory positions within various financial institutions. David currently resides in Toronto, ON with his family dearest friends never far away. In his spare time Lester is an active equestrian and is passionate about art.
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