The New Year is rising. And you’re ready for a fresh start. Our four-day Money Fit plan is designed to get you scrubbed and ready.
Day 4: Become a numbers gal.
Studies show that checking your numbers regularly—regarding your weight or your wallet—can help you stick to a goal.
But there’s something stomach-twisting about confronting numerical reality. There’s always a judgment attached. You’re ahead, you’re behind; it’s too much, it’s not enough.
The benefit of checking your financial plans and progress regularly is that the anxious feeling goes away—replaced by a pleasant sense of control. Especially if you have a system, like this chart.
Identify what you want to improve; get specific about the goal; check your progress at the same time as other tasks.
|AREA TO IMPROVE||GOAL||CHECK PROGRESS|
|Personal savings||Make sure you can cover a vacation, celebration (or emergency).||The same day you pay your mortgage or rent.|
|Retirement||Make sure your portfolio is balanced, contribs are steady.||Two to four times a year: When you pay property or estimated taxes, or car insurance.|
|Planning||Update your will, power of attorney, insurances, or 401k beneficiaries.||Whenever there is a major life change (job, illness, death).|