Your New Year Personal Financial Checklist

With the on-set of a new year, many people review the previous year and make resolutions regarding their spending habits and personal finances.  It can be hard for many to make real, quantifiable resolutions if they are too vague, making resolutions like “I want to save more money.”  More specific information regarding one’s finances, which can be kept on a personal financial checklist, can make evaluating and changing one’s financial habits much easier in the New Year.

Creating a financial checklist to work from each year can be extremely useful for individuals and families.  Having a formal system or single document that tracks your finances can make them easier to evaluate as a whole, allowing you to identify potential financial setbacks or problems that recur.  It can also help you see where you may be able to save more money, a concern for many individuals and households in the U.S.

Important Aspects of a Financial Checklist

A personal financial checklist is just what it suggests – personal.  Everyone’s will be unique, based on their individual incomes, expenditures, and other details.  There are many aspects of a financial checklist that you can consider keeping track of.  For instance, your checklist might include:

  • A list of current investments and potential future investments
  • Figures regarding your savings accounts / percentage saved every month or pay period
  • Figures regarding your mortgage payment / premium / interest on a home
  • Student loan payment information, including what’s been paid and what’s left
  • Number of credit cards you own, balances on each card, and interest accrued
  • Tax return information, both past and future

These are only a few of the possible items that you might include on your personal financial checklist.  Basically, you want to include any information that affects your personal finances, because putting all of this information in one place can better enable you to clearly and carefully evaluate your financial status and help you plan for the future.

Many people have questions and concerns about their personal finances, and discussing these issues with a bankruptcy lawyer can relieve a lot of the financial stress that people feel, especially if their stress is debt-related.

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