End the year with a resolution audit.

The holiday season is around the corner, which means that we will soon set new goals #NewYearResolutions #newbeginnings, you know the drill. But before we get there, now is a good time to start wrapping up 2022 and tie up a few loose ends from this year’s activities. Completing this task before the end of the year will help you get a strong start on your goals when January comes around.

Now is the time for self-reflection,

Retrospection is a powerful tool that allows you to review what went well and what could have been done better this year. If organizations review their performance quarterly and annually, you also need to review the year 2022 as an individual and update your vision.

Some year-end financial preparations include gathering statements, receipts, and inventory; reconciling accounts; and checking totals. Annual reviews provide insightful historical data and information that always has key learnings and nuggets and can be used to shape goals for the next year.

NOW is the time to revisit the goals you set for yourself. Open your budget and expenditure notebook or spreadsheet for 2022 to see where you stand. Chances are that you will have a few goals that you have not achieved, and that is OK. Remember that sometimes we succeed and sometimes we learn.?

Learn what you earn, know what you owe, and comprehend what you spend

?Take the opportunity to identify the different kinds of expenses you incurred in the year and how to manage them. The Secret of the Elephant says that knowledge is power. Know and remember the details of your earnings and spending. Use this information wisely to plan your spending. ?

If you find an extra expense in your budget and you are not sure if you should put it under the fixed, saving, or variable costs, simply ask yourself these questions.

-???????Does this expense occur often, regularly, and not change? (Fixed)

-???????Do I buy it from a store? Can I control how much I spend on this? (Variable)

-???????Should I be saving for this item in advance? (Savings)

As you are reviewing your expenses some will fit into more than one category and if that happens you can choose where you feel the cost belongs in your budget.

Reviewing your 2022 budget and expenditure will help you organise your bank accounts and manage your money effectively in the new year.

Learn what you earn, know what you owe and comprehend what you spend

Take advantage of this opportunity to identify the various types of expenses you incurred during the year and how to manage them. The Secret of the Elephant says that knowledge is power. Know and remember the details of your earnings and spending. Use this information wisely to plan your spending.

If you find an extra expense in your budget and you are not sure if you should put it under fixed, savings, or variable costs, simply ask yourself these questions.

-???????Does this expense occur often, regularly, and not change? (Fixed)

- Do I purchase it from a store? Can I control how much I spend on this? (Variable)

Should I be saving for this item in advance? (Savings)

As you are reviewing your expenses, some will fit into more than one category, and if that happens, you can choose where you feel the cost belongs in your budget.

Reviewing your 2022 budget and expenditures will help you organise your bank accounts and manage your money effectively in the new year.?

Nuggets for wrapping up 2022

a) It’s a good time to take a peek at your retirement accounts to see if you are on track to reach the goals you set.

b) Create a plan for how you will recover from holiday spending. Even if you are usually good about sticking to the budget, things happen during the holiday.?

c) Your debt feels harder to deal with because we attach feelings of shame and guilt to it. Overcome these feelings to start making impactful changes. Just taking a look at your debt balance is a good start.

Financial education is the best decision you can make to improve your financial position. It is important that we all commit ourselves to the next level of our financial lives, and education is the way - On the Money Financial Education Programme is a great goal for 2023