- Make a list of the items you need to address.
- Examine your monthly budget
- Pay off debt with the highest interest first.
- Prepare adequately for retirement
Ask the following questions:
- Have my income and expenses changed?
- Have I been slack in paying off debt?
- Am I cutting corners where I shouldn’t be?
- Am I willing to compromise and reprioritise?
- Have I been sticking to my saving goals?
- Do I have an emergency fund?
- Do I have a well- constructed plan to cover for untimely death, disability, children’s education and retirement?
- Do I track my spending?
- Am I paying for items I don’t use?
- Are rewards programmes really benefiting me?
- Am I empowering myself with financial knowledge?
(Adapted form a recent article in Personal Finance)