2017: Regroup and refresh your finances

Now that the New Year has begun, it’s time to take some time and figure out what’s working and what’s not. When it comes to your personal finances, it’s especially important to have a game plan for the new year. Think back on the previous year. Are there things you wish you hadn’t done (did you make a purchase you couldn’t afford and are still recovering from it) or things you wish you had done (did you put money in your savings account every month like you intended)? Here are things to consider when thinking ahead to the coming year and what you can do to put yourself in better financial standing for 2017.

Predict periods with extra expenditures

Take a look back at your account statements from the previous year (most financial institutions will allow you to view them online) and make a note of certain times of year where you spent more on extraneous items. For example, did you find yourself invited to various weddings, baby showers or special events that fell at certain times of the year? Whether you keep a calendar on your phone or prefer a more traditional planner, make a note of times when you can predict your expenses will be higher (wedding season, for instance). Also, if you already know you plan on taking a trip or have a big-ticket item in mind you hope to purchase, plan out times you can contribute to a savings account devoted to those things. Will you get money back from your taxes that you can set aside? Things don’t always go completely as planned, but if we can set goals and make smart choices, we will be improving and learning from the past year.

Make periodic financial checkups

Once you set goals and have a plan in place, check back in on your finances as time passes. Whether it’s every two weeks, every month, or even every six weeks, don’t let your resolution to guard your financial stability collect dusk along with your running shoes. If you can stay out in front of your monetary situation and check in on your progress, it’ll be easier to reevaluate if changes need to be made to your game plan. Were you initially putting $50 aside per month but have found that’s just too much? Regroup and do $25 instead. Nothing says you have to stick to a strict financial regime. The more you stay on top of what’s working and what’s not, the more comfortable you will feel with your finances, and the less stressful it will be. Never stay in the dark when your finances are concerned, because when it comes to your money, knowledge is always power. You may not have (or save) as much you’d hope, but if you learn from years past and make improvements, you’ll be on the right track.