Remember the story of the ant and the grasshopper? The ant worked hard all summer, gathering wheat grains to store for winter. And the grasshopper? He just hopped around, enjoying the sunshine and laughing at that sweaty ant. Well, once winter hit, the grasshopper wasn’t laughing, but was cold and miserable and hungry. And the ant? He had plenty of food and could now toast his toes in front of his warm fire.
The point is, instead of waiting for January 1 to make your next set of New Year’s resolutions, start now working on those you made nine months ago, working on the principle that there is no time like the present. Here are four quick tasks to undertake—one for each week of this coming month—to get your financial life under control and heading in the right direction. (You’re on your own with the diet and exercising!)
1. Start saving now. Have a set amount of money deducted from your paycheck and sent directly to a “don’t touch no matter what” savings account. Self-employed? Do your own auto-deduction from your checking account. (Bonus tip: save your change and once a month, make a coin drop to your account)
2. Review your life insurance policies. Do you have enough coverage—and the right kind? Can you increase your deductibles to save a few ruppee? Do you need to add any extra options, riders or increase existing coverage amounts? Schedule a session with your us for a complete evaluation of your existing policies. (Bonus tip: Not sure how much life insurance you need? Call 7200039282 now!.)
3. Create a workable financial plan. Do you know where your money goes each month? Take a look at your income and outgo. Are there expenses you can reduce or eliminate? If so, use the extra money to either pay down debt or save for a rainy day. Consider the “Latte Factor”: the concept that many small purchases can add up to a significant expenditure over time
By the end, you’ll be in better shape financially, and feel more secure and less stressed about your overall financial plan.