When was the last time you took inventory of your personal finances? It’s so easy to get things set in place and then just ignore them. Who really wants to continually review all the facets of personal finance anyway? It takes so much time.
Well, here is the thing – the pace of life is fast. Because of that, it’s easy to let things slip by. When it comes to money, you may be missing out on opportunities to improve on the things you have in place and save money in the process.
And the more you save, the more you can invest and consequently, grow your wealth.
Furthermore, in the grand scheme of things, it doesn’t take as much time as you think to do a thorough review. It will be worth it compared to the consequences that might come should you miss something important.
The idea of taking inventory of your financial life is not new. King Solomon in the Bible was the wisest man who ever lived. In the book of Proverbs he wrote this:
“Be diligent to know the state of your flocks, and attend to your herds; for riches are not forever, nor does a crown endure to all generations.” (Prov. 27:23-24)
So, we cannot assume just because something was once a good deal, a smart investment or a solid financial goal that it will continue to be so. Our life circumstances change. So we should be on the cutting edge of awareness about these matters.
With that being said, here are the five key areas of personal finance that my wife and I review at least once a year.
