February is the month of LOVE and so regardless if you are married or single you need to have weekly, monthly and annual conversations around your financial goals, spending habits, investment decisions, budget, and overall plan. 

Weekly Questions to ask:

  1. Is your daily spending aligning with your budget and overall goals as a whole?   This also includes taking the time to reconcile your transactions to ensure your bills were paid on time, that you are not subscribed to something by mistake or you no longer use, that there is no fraudulent activity in your accounts and that you are keeping track of your giving, unreimbursed job expenses, etc. in case you itemize on your tax return.
  2. Are there areas you need to cut back on?
  3. Is there any margin in your budget?
  4. Are you on track to save for vacations, holidays, birthdays, and Christmas? Do you have a plan in place for these goals? 

Monthly Questions to ask:

  1. Do you pay yourself first? Meaning, did you prioritize saving over your spending? 
  2. Are you being honest with your money habits and are there areas you can make adjustments to create better habits ? 
  3. Are you still on track to reach your goals? Remind yourself of your goals and assess each one. You can use the S.M.A.R.T. goal metrics to assess each one.  Sometimes, life happens and you have to pivot or adjust the timeframe of when you can complete a goal. This is OK!  Give yourself grace and set a new more realistic and attainable goal. 
  4. Am I being generous with my wealth and how is that money being used in the organization I am partnered with?  Am I happy with where my money is going and do I want to continue supporting this person, organization, or do I need to make adjustments to my giving plan?

Annual questions to ask:

Don’t forget to share your financial goals with your advisor as we truly want to help you have security and confidence in your plan and how you plan to get there. 
  1. What are my biggest goals for the year? What are your personal priorities? How much are each of these goals going to cost to obtain? What do you plan to splurge on this year? Plan out these large expenses (you can break it down monthly or quarterly and set a plan in place to set a % of that cost aside each paycheck). Ask yourself if you can increase your giving, saving, and payment towards debts such as your mortgage. 
  2. How much money do you want in savings by this time next year? You can use an automated tool to save each month. 
  3. How much do you want to give this year? And where do you plan to give your money? 
  4. How do you plan to budget your money?  Will you use YNAB, our recommended budgeting app, or another way to budget?   
  5. Assess your money mistakes from the year before. What can you do better?  How do you want to make adjustments to avoid those same mistakes?  Create new money habits and have someone hold you accountable. 
  6. What are your 3-5 year and 5-10 year goals? 
  7. What are your retirement goals and are you on track to achieve them?
  8. How are your investments doing?  Do you need to make any changes? 
  9. Are you being tax-efficient with your savings and investments
  10. How will this year’s tax changes affect you? 
  11. How does your financial plan affect your family? 
  12. Do you  need to update your  will or trust?
*Disclosure – The information provided is general in nature and is for informational purposes only. Please contact us for any questions relating to the content above, or to discuss your specific situation.
By Published On: February 10th, 2023

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Tara Bruce
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