Today is 31 March 2014, the last day in the first quarter of the year. This is a good time for you to review how you fared financially in the last 3 months. Like we all know, progress will only occur when we are determined to change the way we do things. You can’t continue to do things the same way you have done it and expect a different result. It won’t work that way. Setting goals and reviewing them periodically is a great way for you to make that big shift in your life.
Find below some of the questions you need to ask yourself. Don’t just stop at asking the questions only; take the necessary steps that will bring you closer to your goals and life dream.
Did you have your financial goals written out at the beginning of the year? I come across people daily who continually have their goals in their minds. The faintest pencil is better than your brain. Learn to write down the vision if it isn’t your custom yet. If you didn’t have any before the year started then it is time to write it down.
Did you achieve your income goal? Or did you you surpass them? Did things go the way you envisaged? What did you do to make it happen? What can you do to make things better in the second quarter and onwards? Were you able to increase your income streams? If no, this is the time to begin to consider opportunities in that regard.
Were you able to keep your expenses within the confines of what you planned? If no, what was the reason? What can you change in your lifestyle to help you manage your expenses? You don’t necessarily have to reduce your expenses but you an work at managing them.
Did you record any positive cash flow i.e. was your income greater than your expenses in the period under review? If yes, where is the difference? Is the cash safe from you? Do you have an escrow account? Do you have an accountability partner ensuring that you don’t go back to square one?
Depending on what the balance of your escrow account is, are there any investments you can be a part of to help you put your money to work? Which assets can you buy? Or can you get a leverage to secure an asset?
Were you able to pay down your liabilities this period? Or did you just increase it? Was the increase used for something that will help you generate more income or was it to finance your many wants and cravings?
How about your business? How has it fared? Are you making progress? All the questions will also apply.
How about helping your child get started financially? What are you doing about that? Have you made some progress?
Answer these questions honestly and let it help you as you revisit your financial goals and budgets for quarter two.