take a fresh look at your finances...
Happy Easter! I hope you all had a restful and peaceful weekend. Today’s post is going to be fairly short.
Irrespective of denomination, one of the actions that lead up to Easter is the six weeks of giving up something and having a period of self-reflection. I was thinking of how important it is to reflect and be purposeful about our finances. I’m planning a financial spring clean next week Monday and I’ll share the details with you along the way. As this month is also the start of a new quarter, it’s a great time for a reality check on what’s going on in my business.
I’ll be reviewing all my money habits. I want to make sure that I am sticking to the savings plans I put in place earlier this year. I also want to check in with my spending - have I been cutting back on my non-essential spendings like I planned? If I haven’t, I want to see how I’ve been derailing myself and create new action steps to stop me from continuing.
Here are some of the things I’ll be doing:
- Going through my statements, checking for errors and noticing any spending trends that raise flags.
- Cancel any subscriptions for things or services that are no longer relevant to me or my business.
- Continue my goal to reduce or cut out completely any non-essential expenses I have. My goal is that these types of expenses should never constitute more than 5% of my total expenses (and that includes money that I allocate for savings and investments).
- I will also be meeting with my accountant to check on my business’ financial health. We will be reviewing the prices for my services and products and see where my expenses need to be curtailed. We will then assess the plans for the remaining months and make any adjustments necessary.
It’s not going to be a massive undertaking but I’ve found that taking and committing to small action steps works best for me.
How about you? What are you going to do to re-balance your financial life?