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I have a great contributed post for you today on year-end financial planning. It’s for informational purposes only, so please consult a financial professional before making any money decisions. Got it?
With the end of the year in sight, it might be the time to assess your financial situation to see how things have gone this year. Did you set and stick to a budget this year? Have you managed to save money?
When you take stock of what you have or haven’t done, then it can be helpful when making a plan for how you want the next year to financially go. So here are some steps you can take to give your finances an assessment.
Review Current Cash Flow
Have a look at what you spend the most money on each month. What things can you cut back on to make sure that you are able to make savings?
There are likely to be a number of things that you can save money on, many of which will be painless. Cutting out extra coffees or a night out each month can make a difference to your finances and how much you end up spending.
Talk With Financial Advisor
If your finances are looking a little worse for wear, then it could be worth speaking to a financial advisor to see what they think of the situation. From there, if things are looking bad, it could even be worth speaking to bankruptcy lawyers, as they could be able to help you to determine if you should file for bankruptcy.
While it may seem as if you are out of options when it comes to debt solutions and that your only course of action is to file for bankruptcy, there is always the chance that another option is better suited to your situation.
Pay Off Debt
A new year could bring with it some big changes. So it might be time to look at what could change for you. Are you sitting in a large house that is hard to make the repayments on each month? If so, downsizing could be an option to be paying less each month, or to even be debt or mortgage-free completely.
So look at what debts you have and what you can do to eliminate them and get them cleared. You can never be financially free if you’re tied to debt.
Consider Life Changes
When you’re planning for the year ahead, it can be a good idea to be realistic about your financial situation and your work. Has your work or business being running well over the year, or are people being laid off? If something like that happened to you, then would you have enough savings to keep you going for a little while?
Thinking about any life changes that are likely to happen in the new year are a good and realistic way of looking at things. Not in a way to make you panic, but in a way to help you prepare and plan.
When you review the previous year and then plan for the year ahead, then it can lead to better results; both in business and in your personal life. So use this time of year and the downtime that you around the holidays to assess your situation and plan for the future.
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