- What can you shed? Remove what no longer serves you, so you can put your energy toward the things that matter. Look back at the year and take stock of where you were spending your money. Are there memberships you are paying for you that you aren’t really using? How often are you going out for dinners? Do you buy coffee daily? The simple action of being intentional with your spending can have a tremendous impact on your cash flow and your mindset.
- What can you save? It’s time to take a cue from nature and store up for the winter. What do I mean? That money you saved by shedding things you no longer need, let’s put it to work for us by storing it where it will benefit us in the future. First thing that comes to mind: your holiday shopping or travel. Heading into the holidays without a plan can lead to a money hangover in January. Now is the perfect time to think of how much realistically you’ll be spending on gifts—and travel costs if necessary.
- What needs nourishing? Unfortunately, the holidays and end of the year can mean increased stress and anxiety for many of us. Too often, we forget to take care of ourselves, and it can lead to emotional spending. Perhaps you want to take a course or try a new gym. Whatever it is, make sure to prioritize your own needs, too.
- What’s not working? Let’s face it; most of us keep doing the same things over and over but secretly want a different result. Why? Creating new habits isn’t for the faint of heart, and frankly, we often associate change with being unpleasant. This is the time to look back on your year and identify what felt great and what didn’t feel so great. Did you eat out too much, or did you find your love of cooking? Pinpoint what you want to start, stop, and keep doing. Habits take time to form, but with intention you could be in a good place come the New Year.
- What needs organizing? Our money loves organization, and honestly, so does our brain. Identify areas of clutter and start tackling them 10 minutes at a time. Start creating a system for those receipts and bills, chuck away receipts and bills you no longer need. You’ll find yourself so much happier with your finances, just by getting decluttered.
Bailey’s Hi-5: 5 Smart Money Moves to End Your Year Right