Personally, investors should always review your finances every year end to prepare yourself for the new year. If you have some time over the holiday break, consider taking a financial hygiene day to review your finances, finding if you have some excess expenses in some items, such as gifts and travel.
.The following is the steps you need to check to examine your finances.
A. Review your budget and cut out unnecessary expenses.If you haven't created a budget before, don't worry — it doesn't have to be complicated. In its most basic form, a budget is simply a written list of your monthly income and expenses.
Using itemized debit or credit card statements as your reference, expenses should be categorized either as things you need to pay — housing, transportation and groceries — or as discretionary, non-essential spending, like entertainment or meals at restaurants.
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by- ANDREW SMITH
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