Kavan Choksi: More Tips on Being Financially Well

 More Tips for Financial Wellness by Kavan Choksi

Get your finances in shape and keep them healthy for the long haul. Kavan Choksi gives us some great tips on ensuring financial wellness is more than just a one-month thing. Beyond January, use these strategies throughout the year to stay atop your money matters - it'll be worth it when you look back and see how far you've come.

Image source: nerdynaut.com

1. Review your finances

Reviewing your finances is important. You need to know where you stand to make your next financial move good. There are ways to do a financial checkup.

A net worth statement is an ultimate scorecard if you're an aspiring saver. Take your assets and subtract any liabilities - if it's green, you know it's time to start saving for the future. Why not give yourself a financial checkup this year? It could be just what you need to build that budgeting strategy.

2. Create a spending plan

Once you've listed your goals and had a financial checkup, you can plan for the future. Itemize your monthly expenses. List your essentials and nonessentials. Finally, focus on debt elimination and savings.

Also, remember that when you are about to purchase something, always make sure it's in line with the financial goals you have for the year. Kavan Choksi also says that if you spend more than planned, adjust the plan. And don't fall into more debt than you can handle.

Image source: forbes.com

3. Go over your plan with your partner

For people in a relationship, Kavan Choksi says that communication is key.

Make it a habit to do monthly financial meetings with your significant other. If you have children, include them. Share your financial priorities, spending plan, and appropriate documents for that month. You can get everyone on the same page regarding your household finances through these discussions. You can also make plans for the things you want to happen throughout the year that may require some spending.

For more about Kavan Choksi and his thoughts on global finance, business, and economics, visit this blogsite.