In mid-2019 when I resolved to lose weight two mistakes I made were forgetting to take a before photo and forgetting to take thorough body measurements.
So, when my weight loss plateaued my willpower also took a dip because I couldn’t clearly see the progress I was still making in body shape.
To help you stick to your financial fitness journey, take a snapshot of your financial position today, the first day of the year (and decade).
Then each month, quarter and year you can acknowledge your progress and celebrate with pride.
Screenshots of your bank accounts, including any credit cards and loans, will do – nothing fancy.
Handwritten will also suffice. Take a photo in case you misplace the paper during the year.
If you feel inclined then include the balances/values of your superannuation and other investments.
Next, calculate and record your net wealth, which is an indicator of your financial health.
Resolved to improve your financial fitness?
While you’re accessing your accounts, an extra piece of information to record is the interest rate on each of your bank accounts and debts. This will help in prioritising repayment of your debts and structuring your budgeting system.
Two resources that will help you decide your best next step are this article and my free mini-guide ‘How to Stick to a Budget‘.
Improving your financial fitness is about breaking habits that no longer serve you and building new healthier habits. This is challenging to do alone.
To accelerate your journey and increase your chance of success, partner with a personal trainer for your financial fitness, such as me.