254.Financial Planning for the New Year with Greg and Deb

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Financial planning for the New Year is top of mind for many. With the noticeable surge in the cost of daily essentials it is necessary to review spending habits and budgets and the start of a new year is a good opportunity to do so. Make sure you get the free downloads in the article How to Survive Inflationary Times. (link below)

Here are some principles to consider:

First: Determine your existing budget and ascertain the debt increment for each month. With this knowledge you can strategically curtail spending and reduce credit card debt, ultimately aligning spending with income.

Second: Identify and curtail legacy spending, particularly focusing on long-term subscriptions and insurances. This especially applies to business SAS subscriptions, which can easily pile up.

Third: Assess eating and drinking habits. Many are spending significantly on consumables like coffee and dining out. This not only impacts budgets but also health issues with obesity levels at an all-time high.

Fourth: Honest communication is important. Living accurately and making mindful spending decisions cannot be overstated. Financial trouble often arises from excessive spending on houses, cars, and dining out. Evaluate carefully the borrowing for assets that appreciate versus those that depreciate in value.

Fifth: For encouragement, disciplined spending over five years can significantly improve financial stability and lead to surplus income in the future. See article here: https://goalsforyourlife.com/how-to-survive-inflation