Go confidently in the direction of? your dreams. Live the life you have imagined. ~ Henry David Thoreau ~
Our car is something that we depend on to get us back and forth?to work, family and leisure. When it starts to run rough, we take it to the mechanic and get a tune-up. He checks the engine, makes some adjustments, cleans out the valves and gets the car running smoothly again. The same is true for your personal finances. You began the year with a plan and optimism for your future, but as the months wore on you probably picked up some dirt and rocks in your budget?which have slowed down your progress towards your dreams.?So lets start the tune -up!
Budget Check
Are you writing a new budget every month?before the month begins??Is your spouse participating in the process or are they busy?busting your budget? It is important to name your money before it leaves, otherwise it will float away and you will not know where it went. You should operate with a zero based budget each month, which means that you spend every dollar on paper so that the bottom number is zero dollars left. These dollars are distributed towards giving, saving, spending and, if you still have any,?debt payments.
Goals and?Priorities
What are you spending priorities? Are you focused on getting out of debt so that you use your income to build your retirement savings? Or do you let soccer pictures, vacations, holiday gift buying and other expenses get in?the way of your priorities. ?Budget busters, the pot-holes of personal finance,?are everywhere. You need to have a strong financial plan in order to avoid the pitfalls of? impulse and non-priority spending. Review you goals and priorities with your spouse at least once per year. Life brings changes to your goals and you may be pointed in? a different direction for the coming year than you were this year.
Re-evaluating your budgeting and spending habits as well as your goals and priorities should get your engine humming for the coming year and get your pointed in the right direction success in your future.
Tim and Kathryn Gerken are financial coaches in Newcastle, WA. They make a monthly budget? while serving the greater Seattle area with coaching, classes and workshops.
Source: http://www.gerkenfinancialcoaching.com/2012/12/financial-tune-up/
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