As the year draws to a close, financial experts emphasize the importance of reflecting on your finances. They offer advice on managing money effectively, avoiding feelings of shame, and setting yourself up for success in the new year.
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. Staying on top of your spending may have seemed like an uphill struggle this year as wages have often failed to keep up with the increased cost of living. In the U.S., Bankrate’s found that between January 2021 and June 2024, prices increased 20%, but wages only rose by 17.4% over the same period.
“The end of the year can be a great time to reflect on your finances, but it’s important not to be hard on yourself,” Tamara Harel-Cohen, co-founder of financial wellbeing app RiseUp, told CNBC Make It. Harel-Cohen advised against scrutinizing every penny spent because it's not possible to always meet your financial goals. Meanwhile, Sarah Coles, head of personal finance at Hargreaves Lansdown, said there’s always room for improvement where money management is concerned. “It can feel that as long as you get to the end of the year roughly in one piece financially, you’re probably OK. However, this approach leaves you vulnerable to neglecting key aspects of your finances,” Coles said.CNBC Make It asked four financial experts for their top tips on reflection and money management as the end of the year approaches.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly It's a “common phenomenon” in December for people to feel ashamed about how they handled their money, Vicky Reynal, a financial psychotherapist and author of'Money on Your Mind,' told CNBC Make It. “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.” This can stop us from thinking productively about how to turn things around, Reynal said. The truth is that managing finances is “not an innate skill,” and it’s often not taught by schools or parent
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