Sunday, April 20, 2014

Five Financial Questions to Ask Yourself in 2014

January 08. 2014 8:24AM
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Chris Hogan

1. What are my financial goals? If you’re going to make progress with your finances, you have to set clear and realistic goals. Do you want to increase your savings, pay off debt, or budget regularly? Sit down and figure out these goals, write them down and you’re on your way to winning with your finances in 2014.

2. Do I have a budget? It’s nearly impossible to win if you don’t have a plan for your money, also known as a budget. A budget doesn’t have to be difficult, just write down your income then give every dollar a name. Make sure the income minus outgo equals zero, and there’s your zero-based budget! If you are married make sure that you and your spouse create the budget together.

3. What is my current tax status? Look at your tax status for the past year and figure out if you need to make any adjustments. The goal is to have as little taxes taken out of your paycheck as possible so you can utilize your income. Look at your tax status and consult with a licensed professional for guidance to see if you need to make adjustments.

4. Do I have an investment plan? You are going to retire one day, so it’s important you have a plan for it! Look at your investments and see if you’re on track. If you’re not currently saving for retirement, it’s not too late to start. Find a professional you trust and let them help you create a plan.

5. What else can I being doing to give myself a financial advantage? Take this time to figure out what you can do in 2014 to gain an advantage. Think different! Are there things you can sell to help pay off debt? Could you take on a part-time job to get more financial traction? Does a career move make sense? Do your homework and look at your options. Intentional focus will bring desired results.

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