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Clean Up Your Finances Four Times a Year

March 28, 2008

Did you realize that every March 31st, you’re 25% of the way towards the end of the year? By the end of June you’re half-way through the year.

I’m very aware of this since I work in an industry where the end of each quarter means a lot of work for us.  It seems like the first quarter will have just finished when we’re already approaching the end of 2nd quarter, time to do it all over again.

The fact that there are four quarter ends in a year can offer great opportunity for your finances.  At the end of every three months it’s a good habit to look back over your income, expenses, and investments for the past quarter and give them a review.

Not only is 3 months a simple milestone to remember it’s also when many financial companies send out balance and performance statements.  When you see them show up in the mail take some time to sit down and go over how your personal finances have done over the previous 3 months.

Another good thing about a 3 month span is that it’s a short enough time so that if money leaks develop, you can discover and plug them before too much damage is done. 

Corporations use each quarter end to summarize thier activities and report their financial status.  If huge billion dollar businesses can find the time to review their balance sheets and cash flows every three months don’t you think your household could do the same?

Ben

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Ben
Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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Written by Ben Edwards · Filed Under Personal Finance 

Comments

3 Responses to Clean Up Your Finances Four Times a Year

  • Mr. Debtbeater
    April 3, 2008 at 4:12 am

    Great idea to stop and take a look at how things are going instead of letting an entire year go by before doing so. Maybe it’s just me, but I’m looking at my situation on an almost daily/weekly basis just because of the crunch that I’m currently in. Perhaps the quarterly review will be more reality once I’m further along in my goals.

  • Ben
    March 31, 2008 at 6:51 am

    Thanks Howie, I fixed it. I’ve been a bit busy lately and lost track of it. Thanks for the heads up.

  • Howie
    March 28, 2008 at 3:02 pm

    Er, you may want to update your RSS feed, as it’s advertising ING direct @ 4%. They’re currently at 3%.

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