End 2024 Financially FIT
Hello October! In less than 3months, we will be looking at 2024 in the rearview mirror and looking ahead towards 2025. If you didn’t hit those financial goals you set out to accomplish at the beginning of the year yet, don’t panic. Small adjustments can make a big impact, so here are 4 tips to end 2024 financially FIT!
Revisit the Financial Goals that you made at the beginning of the year.
Yes. Look at the financial goals that you wrote down at the beginning of 2024. If you are still on track to achieve your goals, keep going. If not, mark today as “DAY 1” and start working towards those goals. Set SMART goals: S: Specific (ASK: What will be accomplished and what actions will you take to achieve the goal), M: Measurable (ASK: How much will I save or How much debt will I repay before the end of 2024), A: Achievable (ASK: Is this goal doable? Or What resources or skills do I need to achieve this financial goal? , R: Relevant (ASK: Why is achieving this financial goal important? and T: Time Based (ASK: What is the time-frame for achieving this goal? In this case, it’s December 31st, 2024.)
If you’ve crushed your goal already, set a new one and start working towards achieving it today.
2. Declutter your finances
No more overspending or spending on non-essentials. Take a moment to look over your bank or credit card statements. Highlight the non-essentials or the areas where you’ve overspent and start adjusting now. Calculate the amount that you’ll be able to put towards your saving goals or paying towards your debt. Stop using your credit cards.
3. Budget for the holidays
November and December are usually the months that bust budgets, if you don’t plan for it. Check in with family members and friends about holiday plans and friendsgiving events ahead of time, if your family and friends usually start planning at the last minute. Decide ahead of time how much you are planning to spend on decorations, food, gifts, clothing, etc. Mark your calendar to start planning and budgeting earlier in the year, so that you won’t become overwhelmed or impulse buy during the holidays. Surviving these 2 months are going to take a lot of discipline and consistent effort, so start exercising those muscles early.
4. Set an investment goal or an income increasing goal.
As you work towards ending the year financially FIT, start considering your goals for growth, sustainability, stability and cash flow. Look at your 2024 budget/debt repayment plan to get an overview of how much extra income you need to achieve your long term financial goal. Start making the necessary adjustment now, so that you can end 2024 financially FIT and enter 2025 closer to the finish line.
Just like spiritual fitness requires discipline-regular meditating on the Word, fasting and praying; financial fitness requires discipline in saving, making wise spending decisions and continuous learning about personal finances. Ending 2024 financially FIT is going to require discipline, knowledge and consistent effort on your part. A lot can happen in 3 months, so make the necessary adjustments and achieve your financial goals.
