Yes, been here, done that! We’ve suggested this challenge about 2 weeks back and as difficult as it is, we’re sure some of you haven’t gotten around to it. While others may have started listing down their monthly expenses, spending more days in lockdown may have had you thinking about the unnecessary things you spend your hard-earned money on.
Why is this important, you say? It helps you stabilize your financial situation and it gets you a clear picture of where your money is going. It makes you objectively look at your weak spots and think of ways to strengthen them.
Here’s a rundown of what you need to do:
1.Create a Financial Plan - list down your short- and long-term goals. Do you know when you’re debt-free?
2. Assess your savings - do you have enough emergency fund?
3. Check your Credit Profile - what is your current credit score and how can you increase it or keep it in a good spot?
4. Check in on investments - weigh in on how aggressively you want your portfolio to be, but if you’re moving closer to pulling the money out, assume a lower level of risk
5. Adjust for lifestyle changes - Strengthen your long-term plans by removing unnecessary expenses
6. Disaster Preparedness - now that we have experienced it firsthand, it’s the best time to ensure you have enough savings for when something like this pandemic happens and in-flow of money is shaky.
You can read more about this from: https://www.theconfusedmillennial.com/personal-financial-audit/
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