Going into a new year after a divorce is often a time for personal self-reflection. However, you’ll also want to look at other areas of your life as well, such as your finances. That’s why it’s a good idea to make a new year financial checklist. Having this list will let you get a head start on planning out the new year…
New Year Financial Checklist
Set your goals
A good way to start off a new year financial checklist is with some goals. In fact, people who set definitive resolutions are much more likely to actually achieve them. Therefore, it’s helpful to set for yourself specific short- and long-term goals that you want to reach in the new year.
Now, just saying “I want to save money” isn’t specific enough. How much do you want to save, and in what kind of time frame? Or, do you want to pay off debts in a certain amount of time? Goals like these are good and specific, and will provide a good sense of accomplishment when you achieve them.
Check your credit
Credit is also a very important part of your finances. As a result, it should also be a part of your new year financial checklist. Your credit will influence a whole host of things, from car payment plans to potential apartment leases. Due to this, you want to get it or keep it in good shape.
One good way to do this is to watch your credit card usage. Try to only use it for things you normally need to buy anyways, like gas or groceries. That way, you don’t use it for expensive things you don’t need that will put you into debt. A steady stream of paying off these kinds of credit card charges can help get your credit moving in the right direction.
Track your spending habits
A problem many people run into is spending more money than they expect. Even when they’re trying to save up, they may struggle to figure out what’s running up costs. That’s why you should also include tracking your spending habits in your new year financial checklist, to avoid this issue.
Keeping an eye on your spending will help you see what’s costing you the most. That way, you can cut down on or remove some expenses. One good way to do this is through a budget. These days, there’s plenty of apps and programs which will help you set up a good budget to reach your goals.