Turn of the year to do list

The new year is right around the corner, and at the peak of the holiday celebrations. But let’s not forget some important things to do before the turn of the year.

A time for reflection
It’s a good opportunity to look at the best and worse times we’ve encountered this year. To see how far we’ve come despite the many challenges. And to be grateful for all the things we have maintained and gained, be it career or business success, life milestones, goal achievements, money, health, company of friends and family to name a few.

Audit the year
Sounds tedious and scary, but if you are serious in making your financial goals a reality, then this is simply one of many repetitive and necessary actions. You can start by calculating your annual spending, and knowing where you spent within and over the budget. You will then know what habits one needs to change as well as things to prepare for in 2019.

After that, time to re-calculate your net worth and the like financial inventory. Did it increase, decrease? What adjustments do you need to make?

Pay the annual dues
Licenses, Bills and taxes. Some taxes are paid annually like real property taxes. Monthly bills are a given. And if you are a professional registered under the PRC, then you may need to process the renewal of it which entails, time and money.

You can also include here other payables such as insurance (life and health), and others (Memorial plans, educational plans and the like).

Annual financial review
Review your financial goals and check if your investments are growing accordingly to meet your targets. Can you add new ones? Or perhaps change and remove ones that have been achieved? This is the time to do that.

Adjust and re-balance your investments
It is normal to adjust investments, this maybe to fully withdraw from an existing one and move on to another investment vehicle. I’ve done this in the last couple of years, and it can be a painful process if you are too emotionally attached to an investment.

Re-organize
Not just your house, but also your financial documents. Keep them safe, sealed in a secure location. Consider digitizing some of them as well.

Other things to consider
Consider your health and fitness (health is wealth)! You only have one body, so take good care of it. Schedule an annual physical exam for yourself! Remember, prevention is better than cure, or at least less expensive than treatment.

Another thing to consider reviewing is your subscriptions that may tempt you from straying from the financial goals you’ve aimed for. What am I talking about? There’s plenty of sale during the holiday season, so it’s now time review and perhaps delete those shopping apps you’ve downloaded.

While you are at it, consider a review of your social media accounts as well. Stay away from negativity and individuals/celebrities that flaunt wealth. Remember, personal finance is also a lot to do with our behaviors.

New year, new life, new you!

Now that is all said and done time to set new goals for the year 2019. Remember to make it S.M.A.R.T. – Simple, Measurable, Attainable, Realistic and Time-bounded.

“Approach the new year with resolve to find opportunities hidden in each new day.” – Michael Josephson

Happy new year to you!!

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