While you're assessing career, relationships and parenting these holidays, don't forget to add improving your financial decision-making to the list.
Money doesn't buy happiness but it can certainly help. And the key is building healthy financial habits.
Have a look through some of our top thought-starters to help create a new financial you.
1. Create a financial plan and spend some time each week reviewing it to make it happen. With every transaction, top of mind should be "how does this fit in with my financial goals?"
2. Take five minutes to review your main accounts each day. Ensure all charges are accurate and review any purchases you may regret later.
3. Every week, review all transactions to maintain goals.
4. Review accounts monthly to make sure all bills are paid on time. If the funds aren't there, alert the institution to an expected payment date or work out a payment plan.
5. When creating an annual financial plan, create quarterly milestones. For example, if the plan is to pay off $10,000 from the mortgage in 12 months then by month three, you should have $2500 paid off. If not, readjust the plan, move the goal or play catch-up.
6. Set your finances on autopilot. Set up every recurring expense using BPay or via direct debit.
7. Create a goal statement: My intention is to ... in order to achieve financial freedom.
8. Save 10 per cent of income for savings and retirement.
9. Cut non-mortgage debt to less than 15 per cent of income.
10. Read or watch the financial media to keep abreast of emerging financial issues.
11. Be mindful of emotional impulse spending.
12. Spend more time with those who are where you want to be financially. It helps you compare how you operate while helping you make changes along the way.
13. Every day, daydream and feel what it will be like when you reach your financial goals: debt free, 6-12 months of emergency fund savings ... whatever it is, dream about it, talk about it, write about it and make it happen.
14. Give back. This can be with your time or money. Give back to others less fortunate than you to maintain a good sense of priorities.
15. Declutter your finances. What are some things that you're paying for (magazine subscriptions, extra trips to the make-up counter, techie impulse buys) that leech money?
16. Don't stress about the past. Leave financial regrets behind. Commit to learning from mistakes to avoid making them again.
17. Don't compare yourself to others who are in a better position. They had to work to get where they are and if you take anything from their situation, it should be you can one day be financially free yourself.
18. Make some hard decisions about spending. The more insight you have, the better decisions you'll make.
19. Find ways to earn more money. Develop multiple streams of income. Things like a part-time job or a home-based business.
20. Sell anything you haven't touched in six to eight months and use the proceeds to pay down debt or plug into savings.
21. Discuss your financial plans for the coming year with your partner or spouse. Make sure you are both onboard with goals and how you will address setbacks.
22. Give children gifts that will last long past the next birthday. Create, or add money, to an education fund.
23. Consolidate your super funds
