Christmas time is the best time to think about a financial plan, for many reasons, but let me run through a couple:
- The week after Christmas is New Year’s day and a completely new fiscal year starts for you (except for RRSPs), if this isn’t the best time to have a plan in place, I am really not sure when would be better.
- You already are planning for Christmas, so if your mind is in a planning frame, just keep it going and put together an all together financial plan.
- Christmas is the birth of the ultimate financial planner, Christ. Anybody who can feed that many people with a few loaves and some fish, knows how to plan (oh, I am going to hell for that one).
- You have an entire year to look back on to base your next year plan on, no better data point than December to do a review of your financial year.
- December is actually an anagram for Embed Rec but an anagram for Financial Plan is A Panic Fall Inn, and you don’t want to Panic Inn the Fall. OK, this one is a bit of a stretch.
December is a time to reflect on your financial year, collect all your pertinent data, and make a plan for the coming year. Without a plan, how can you tell if you are succeeding or not?