Living a Better Life
(featured column... from the Editor's desk)

Financial Goals for the New Year
by Michelle Jones

It’s a New Year!  Time to reflect on the previous 12 months and celebrate the financial goals we’ve met, and deal with those that didn’t quite make it.  Whether you had more successes or more mistakes, what matters the most is that you keep your head up and continue to do better.  No one is perfect, and very few have perfect finances.

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We’ve gotten many letters through the year from those of you who are out of work or have had your wages severely cut.  Times are certainly unpredictable, but they have been for many years, at least more than a decade.  Gone are the days when employees could count on job security and a family could create a financial plan and budget that would get them through year after year.

Like every area of our lives, we must take a good look at our finances during each and every year, and reevaluate our plans.  Then we can learn from our successes, our mistakes, and move on with our lives for a better year.

I’m hopefully that that you’ve already started thinking about improving your finances in the coming year, but just in case you haven’t, let me ask a few questions to get you started.

~ Just how good or bad was this previous financial year for you?

~ Could you have done things differently to improve your finances?  Make a list.

~ Are you being generous with what you have?  Many people feel it is truly the key to financial success.

~ Did you start or increase contributions to your retirement fund(s)?  Are you keeping track of your management companies to make sure your money is secure?  (Not that this is an easy task in today's world, but at least we can make an effort instead of just handing our money over and hoping for the best.)

~ How is your emergency savings fund coming along?  Although 6 months of income is the recommended goal, even 1-3 months would be a huge blessing.  

~ Did you start a budget and stick to it?

~ Are you saving money by spending less - on a daily basis?  Remember not to buy things just because they're a great deal.  Focus on getting only the items you really need, and you will save even more.

~ Were you able to avoid the use of credit cards, or pay them off in full each month?

~ Have you gotten completely out of debt?  Good for you!!!!

~ Have you gone even further into debt?  You’re not alone.  The American household now carries almost $19,000.00 of debt (not including mortgages).  That figure has doubled over the last decade.

~ Are your credit cards and bank loans up to date with the current low interest rates?

~ And finally, how’s your monthly income?

If you are employed, are you making enough money to take care of the basic necessities?  If not, what can you do to change that?  Would it be possible at your company for you to work harder and get compensated with a raise and/or promotion?  If not, what are some other things you can do to improve your employability and your income?  

If more income is absolutely not an option for your family, then keep thinking of things you can do and don’t let the things you can’t do weigh you down. We are all so blessed, even when things are at their worst.

If you’re currently unemployed, are you actively searching for a new job every week?  Try to treat the actual work of finding a new job like a part-time job itself, or even full-time if you’re able; taking at least half of every week to search the want ads, job postings (anywhere and everywhere), make phone calls, send resumes and network with everyone you know.

Also, check with your local agencies to see if there is any additional assistance available in your community.  Don’t be embarrassed to ask for help, if you are unemployed you can use all the assistance you can get until you start working again, and that’s what it is there for.

As we enter the New Year, we should all keep in mind that whatever steps we’ve made to improve our finances this year is progress, and progress is good.  Don’t lose heart if you’re not exactly where you’d like to be, you’re getting there!

And while getting your finances in order is a great priority to have, remember the best things in life still have nothing to do with money.  Whatever the previous year has brought you, may God grant you with love, wisdom, peace, good health, generosity and abundance in the New Year!

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Copyright © 2004 by Michelle Jones

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