Should You Do A Year End Financial Audit? YES!!

Should You Do A Year End Financial Audit? YES!!

At the end of the year, especially this year, you are likely in a very different position than you thought you would be. All of us have had to adjust our plans and budgets to deal with the pandemic changes. Some of us have managed to maintain robust financial health, and others have had to dip into savings to get by. Whichever position you find yourself in, it is advisable to do an audit quarterly; or if nothing else, an end of year review is an absolute must!

Your end of year audit doesn’t only include your current situation but also where you want to be in the coming months. Your plan will be helpful to know where you came from and where you are going.

Know Your Financial Intention

Having an intention will ensure you have a spiritual connection to your goal. It won’t just be a financial figure you are striving for it will represent something that holds meaning to you. Setting your intention will bring clarity to your future – and makes it much more interesting! Be sure to write down your intention to solidify it on paper. Once it is out in the universe it makes it more genuine, and therefore you are likely to follow through.

Audit Your Expenses

I bet if you had to list your expenses, there would be a lot of items you would omit, not even realizing how much you spend on everyday items like coffee, take-out, grocery items, cosmetics, and the list goes on. Keeping track every day will be too tedious; take a tally every few months to show you where you may be leaking funds that you can quickly turn into savings. There may also be some bigger items or luxury items you can cut out or cut down for more significant savings.

Set Attainable Financial Goals

To say you want to save a million dollars sounds grand but is unrealistic for most of us. Creating an unrealistic goal will leave a lot of loopholes to escape through. Create financial goals that will motivate you as they are in reach of your potential. Ensure your goals has:

  • An attainable amount for your income level
  • Exact steps to get you to the goal
  • A clear purpose
  • An end-date to strive for

Need help setting your intentions and creating goals that will light up your financial future? We are always here for you!

At Gail Sylvester Mortgages, we are more than just mortgages. We look at your lifestyle, your financial goals, and your current situation to help you build a solid plan to reach the milestones you have set for yourself. We are always here to help!

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