There’s always a reason that someone starts a physical fitness routine or a new diet. Maybe it is clothes that fit too tight. Or it’s the huffing and puffing after climbing a flight of stairs. Or maybe even it’s the looks you get from people who haven’t seen you in awhile. Whatever the reason, it leads to gym memberships, New Year’s resolutions and grand pronouncements of fitness goals. Recognizing the need for a Financial Fitness Routine can be just as obvious. It starts by asking yourself some key questions and giving some honest answers. The same way no one likes to admit they need to firm up or lose some weight, no one likes to admit they have financial deficiencies. But just like physical fitness, the first step to being financially fit is recognizing there is a problem.
- Are you living paycheck-to-paycheck? And are the days right before pay day ridiculously tight?
- Are unexpected expenses paid by a credit card or a family loan? And speaking of which, how is the balance of that credit card looking?
- Are dreams of an exotic vacation, college or a new car really just a hopeless fantasy?
- Are you still saying “someday” to the idea of retirement planning?