As the year draws to a close, financial experts emphasize the importance of reflecting on your financial habits. While acknowledging the challenges of rising costs and stagnant wages, they encourage a compassionate approach to self-assessment. Four financial experts share their top tips for effective money management and overcoming common feelings of shame or inadequacy surrounding finances.
The end of the year is a time of reflection for many, and while some will look back on their experiences and achievements, money experts say it’s just as important to take stock of your finances.
“One thing that I would say is to have self-compassion,” Reynal said. “There’s almost a sense that everybody feels they should be better than they are.” “We should specifically take stock of the five cornerstones of sound finances: Are your short-term debts under control? Do you have the right things in place to protect your family – including life insurance and a will? Do you have enough emergency savings to cover three-to-six-months’ worth of essential spending? Are you on track with pension saving? And are you investing to make more of your money where you can?” she said.
Harel-Cohen agreed, saying even a “five-minute check-in” with yourself in the morning about how you’re going to spend money during the day will help you make better decisions without feeling overwhelmed.The second reason that many money resolutions fail is because they’re too ambitious, according to Reynal.
Personal Finance Money Management Financial Wellbeing Budgeting Year-End Review
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