A Quick Review of Your Q1 Personal Finances

As we go into Q2, looking back at what we've achieved thus far may help us make the most of the rest of the year. Just as your physical health requires routine check-ups and maintenance, your financial health also demands consistent attention and evaluation.

A quarterly review of your personal finances is an excellent way to assess your progress towards financial security, adjust your budget, and identify potential obstacles that may hinder your financial goals.

By asking yourself the following 15 questions, you can explore how to review your personal finances in Q1 and ensure that you're on track to achieving your financial goals for the year.

1.       Have my financial circumstances changed since the beginning of the year (such an increase or decrease in income)? If so, how have they changed and how will this affect my financial plan?

2.       What are the top three important things I want to achieve this year? How will I make them happen?

3.       If I lost my job today, how long could I go before running out of money?

4.       How much money do I have set aside for emergencies? Is it sufficient?

5.       Am I making progress on paying off any debt I have? If not, what additional steps can I take to accelerate my debt repayment plan?

6.       Am I actively saving for retirement? If not, what steps can I take to ensure I will retire comfortably?

7.       What insurances policies do I currently have? Have I recently reviewed them to see if they are still adequately serving me?

8.       What have I invested in, and have I reviewed this recently to ensure it still aligns with my goals? If not, what changes need to be made?

9.       Am I actively working to increase my income and diversify my income streams? If not, what steps can I take to increase my income?

10.   What's the best financial decision I've made in Q1? What led me to make that decision?

11.   What's the poorest financial decision I've made in Q1? What led me to make that decision?

12.   Do I have someone to talk to about money and get good advice?

13.   How much am I investing in myself (education, health, personal growth)?

14.   If I continue doing what I’ve been doing thus far, am I on track to achieving financial self-reliance? If not, what can I change?

15.   Am I actively seeking to improve my financial knowledge and skills? If not, what steps can I take to increase my financial literacy?

By answering these questions and reviewing your financial plan, you can ensure that you are on track to achieving your financial goals for the year. Remember, reviewing your finances regularly and making necessary adjustments is key to maintaining financial health and security.

If you’d like to discuss your review with me, or you simply have questions, book a free 30-minute Zoom session with me HERE. Let’s take the step to making sure your money works for you this year!