A joyful season of revelry and renewal, Lunar New Year kicks off with a flurry of spring cleaning tasks to usher auspicious abundance. Why not do the same for your financial plan to get rid of bad habits and ensure you welcome more prosperity into your life!
Task #1: Deep Clean Your Budget
A realistic budget is the #1 handy tool in your financial spring-cleaning arsenal. Think of it as the basis where all your money goals are built upon: The stronger it is, the better your plan will turn out!
Stay on top of your spending patterns by documenting your expenses. Review it monthly to ensure your expenditure is under control.
Task #2: Wipe Out Bad Debt
To get back on track this year, place priority on paying off high interest debts such as credit card bills. With that out of your way, you will be able to better focus on building your emergency stash to stay financially protected from the unexpected.
Task #3: Replenish Your Rainy Day Fund
A healthy emergency fund with at least 6 months’ worth of your monthly income can prevent you from sliding into unwanted debt. It also provides leeway to bounce back from unforeseen circumstances such as retrenchment.
Don’t have an emergency fund yet? Creating one should be the top of your financial spring-cleaning list. If you already have one and have dipped into it to survive the storms of the past year, be sure to top it up.
Task #4: Spruce Up Your Retirement Strategy
Make those golden dreams happen with a careful review of your retirement plan. With a desired retirement sum in mind, make an inventory of your various streams of retirement income to benchmark the progress. Are your getting there or still far away?
Need some financial spring-cleaning help? The team at Summit Planners will be glad to share our planning insights and power through the Year of the Ox with you.
Share on Facebook Share on LinkedIn Share