PERFORM AN ANNUAL REVIEW | 365 DAYS OF MONEY TIPS | DAY 18

words of wisdom

​OPPORTUNITY IS MISSED BY MOST PEOPLE BECAUSE IT IS DRESSED IN OVERALLS AND LOOKS LIKE WORK.
-THOMAS EDISON

WHY IT IS IMPORTANT: Performing an annual review allows you to have a retrospective on the year. Where you can ask yourself. What went well. What didn’t go so well? And what can you improve upon for the future? An annual review can be done whenever you deem it necessary and more frequently if needed. Performing an annual review puts your budget, bills, and goals in perspective and keeps them relevant in the present so that you can work on your financial progress.

KEY POINT(S): Performing an annual review is necessary for awareness of the strengths and weaknesses of the budget, bills, and financial goals. Financial awareness is everything.

MY EXPERIENCE: Not only do I perform annual reviews, but I probably over review at times. However, there is no time that I am not reviewing the budget, bills, and or goals where I am not made aware of something that I simply forgot or overlook. This is definitely one action that I perform fairly naturally. There is something to be said about knowing where you are, where you are going, and where you want to be. Performing reviews allows me to recognize where I can work harder and or where I need to challenge the budget, bills, and goals for more efficient and effective success.

QUESTIONS FOR YOU: Do you perform an annual review of your financial portfolio? Where are some places that you can improve based on your last review?

NEXT STEPS: 

1. Determine if you are overdue for an annual review.
2. Determine where your finances are and where you want them to be.
3. 3.Consider a Financial Coach at Eduential™.

SUGGESTED ONLINE REFERENCES: 

• How to Do an Annual Budget Review by MICHAEL COLEMAN II
• Why It's Important to Review Your Finances Annually by DAVE KUTCHER