Are your financial affairs in order? Many think that this is a daunting task, but those who set up a plan and review their financial affairs at regular intervals are much more likely to produce positive results.
Today I want to share 9 areas you need to review in order to keep your financial affairs in order…
1. Review your goals for your future
It is good to dream and set up plans for your future.
Maybe you can even take your spouse on a date night to discuss your ambitions and plans. Go rekindle a common vision for the future.
Maybe you can even plan a future dream holiday. I did this many years ago and set up a savings plan to build up the money to cover this. The memories are priceless.
What are your goals and objectives? Be specific. Dare to dream. Aim high. Attempt great things. Set up a plan to achieve them! Stick to your strategy.
“Where there is no vision, the people perish.“ (Proverbs 29:18)
2. Review your Will
Is your Will up to date? Do you know where it is? Read your Will and make sure that it is still relevant.
Remember that your Will is going to speak for you when you are not there to speak for yourself. You can even include a Living Will…
3. Review your Insurance
If your insurance still relevant? You may even end up saving money by relooking at your cover.
If you had to die, will your family be provided for? Make sure that you have adequate life cover to cover your debts and provide for your loved ones in event of death.
Also, make sure that you have sufficient healthcare, severe illness, and disability insurance in place to protect yourself and your loved ones in event of an unforeseen medical emergency or sickness.
Get all your financial affairs in order. Get advice. Put the right protections in place.
4. Review your Budget
Take a look at where you are spending your money. Review your bank statements. Have a look where you can reduce unnecessary expenses.
You may be able to free up some cash flow and plug some spending leaks that are stealing your money. So, review your spending. Your budget will help you to see a clear picture of your money and help you to live within your means.
5. Review your short-term Savings
It is important to set money aside for emergency’s and for short term needs.
It is good to build up a reserve for emergencies. Things break down. We sometimes we face a winter season with our finances. When these storms hit, it is important to have emergency funds readily accessible.
Setting up a separate savings reserve is like creating your own overdraft facility, where you have funds available to cover those unexpected costs than can derail you and mess up your cash flow.
Your reserve will also ensure you have funds available for opportunities that arise from time to time. So, make sure that you plan ahead!
“The wise man saves for the future, but the foolish man spends whatever he gets.” (Proverbs 21.20)
6. Review your long-term Investment Portfolio
It is important to take a portion of each paycheck and set this aside in long-term investments for the future.
It is also important to build up your long-term investments to fund your retirement and your future goals and dreams.
You can turn your income into assets by setting part of your income aside and build up your wealth portfolio.
Do not draw money from your long-term growth investments. You need to leave these funds to grow. Over time you can generate explosive grow due to the power of compounding.
“Whoever gathers money little by little makes it grow.” (Proverbs 13:11)
7. Review your record-keeping system
It is important to have a good filing system. We accumulate so much paperwork each year. Why not reorganize your financial filing system. You can get rid of the unnecessary documents and create a simple system either in physical files or on your computer.
You could even break down your files into sections: bank statements, salary slip, savings and investments, tax documents, healthcare information, insurance and group benefits, your Will, goals, and plans, and for your bills and budget.
Your filing system will help you gain control over your finances and ensure that your loved ones know where to find your important documents in the event of an emergency or unforeseen event.
8. Review your Giving
Using your resources to bless others and expecting nothing in return has been proven to be good for your health. People who are generous are usually happier and more productive, and often seem more peaceful and fulfilled.
Be generous with your time, your talents, and your treasure.
“The generous will prosper; those who refresh others will themselves be refreshed.” (Proverbs 11:25)
9. Review your Processes
What is working for you? What is not working?
We have all made financial blunders from time to time. What is important is that we learn from our mistakes. We need to acknowledge our mistakes and put processes in place to fix the problems, thereby ensuring that we can fail forward, and make certain that we do not repeat the same errors.
Albert Einstein said, “The definition of insanity is doing the same thing over and over and expecting different results.”
What financial mistakes have you made? What do you need to fix?
How have you managed your money over the last year?
What can you change? What can you cut out? What can you do differently?
Review your financial affairs and your habits. What have you learnt? What new lessons you can take forward? You may even end up saving some money.
I encourage you to get your financial affairs in order.
Many plan only for the life here and now. What about the afterlife? Life does not end at the grave. You will continue to live forever, either with God in his Kingdom or separated from Him.
Where will you spend your eternity?
If you are not in a relationship with God, please invite Jesus Christ into your life to be your Lord and Savior. We were cut off from God due to our sin, but Jesus paid the full price on the cross so that we can be reconnected to God. God loves you so much that He made a way for you to become part of his family. He wants to share forever with you.
“Just as people are destined to die once, and after that to face judgment, so Christ was sacrificed once to take away the sins of many; and he will appear a second time, not to bear sin, but to bring salvation to those who are waiting for him.” (Hebrews 9:27-28)
“Yet to all who did receive him, to those who believed in his name, he gave the right to become children of God.” (John 1:12)
“Draw near to God, and He will draw near to you.” (James 4:8)
If you do not know Jesus as your Savior, why not give him your life, along with your burdens and concerns. He wants to walk the journey with you.
If you want to start or restart your walk with God, click here to pray a simple prayer we have set up for you.
If you want to see positive financial results, then you need to review your financial affairs and get them in order. And above all, don’t lose sight of the big picture. Get your eternal affairs in order too!
With God at you’re your side you can face tomorrow. I want to challenge you to get your financial affairs in order. And remember that God is with you, through it all.
God bless you.