The beginning of a new year is the perfect time to get on top of your finances.
Some concrete actions I recommend to get you started are:
- paying yourself first starting with the first paycheck you receive this year
- tracking your spending on an excel sheet
- filling out a balance sheet so you know your net worth
- reading Your Money or Your Life
In addition to taking these actions, I also suggest figuring out:
- Your Short-Term Financial Goals – what do you want to achieve in the next 6 months? Pay off a credit card balance? Save up for an emergency fund?
- Your Intermediate-Term Financial Goals – what do you want to achieve in the next year or 2? Pay off your student loans? Buy a new car?
- Your Long-Term Financial Goals – what do you want to achieve in the next 5+ years? Buy a house? Buy an investment property?
Setting goals will help keep you motivated!
Happy New Year!