Why You Need a Biannual Finance Check-up | Cognizz Cognizz: Why You Need a Biannual Finance Check-up
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Friday, 27 June 2014

Why You Need a Biannual Finance Check-up

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Sure, we all know the importance of getting a medical check-up every six months or so. It helps us identify any health issues sooner rather than later, increasing our chances or retaining great health well into our later years. But did you know the importance of getting a biannual financial check-up too? In many ways it’s just as important as a medical checkup: it can help us identify problem areas before they get out of hand, and can help us stay on track towards our financial goals. We all know that money makes the world go round, and without enough of it, the quality of our lives will surely suffer. If you’re not already convinced as to why you should schedule a finance check-up every 6 months or so, either with an expert, knowledgeable friend, or with your significant other, then read on. Here are three reasons that should hopefully convince you today.

You Can Take Stock of Your Trading Performance

If you’ve been trading with shares or on the foreign exchange market, now may be a great time to evaluate your general performance over the previous 6 months. These days, more and more people are getting into trading, as companies such as
Knowledge to Action (click here to be directed to their website) and other financial education firms continue to teach more of the general public the fine art of trading. However, every art form takes time to master, including share or currency trading. If you’ve failed to achieve your financial goals at this six month mark, take note of your success and failures over the last half year and identify any reoccurring issues. If possible, speak to a financial expert or invest in some more training. Hopefully you’ll perform even better over the remaining months of the year.

You Can Determine Whether You’re on Target for Your Savings Goals

Sometimes we need to take a timeout and reflect on where we’ve come from, and where we want to go. If you’re saving for a deposit on a home, a new car, or a much needed holiday, then you’ll need to make sure your saving efforts are well on track. Failing to track your goals is just asking for trouble. Looking over your savings progress 6 months into the year allows you to see exactly where you are in relation to your goals. If you’re on track, knowing this can help you stay motivated throughout the rest of the year. If you’re not, then it can also give you some motivation – this time, to get back on track and do what needs to be done to get you to your goal.

You Can Take Advantage of New Financial Developments

The world is constantly changing, and opportunities that may not have existed at the start of the year may now be ripe for the picking. However, if you don’t schedule a half-yearly financial checkup then you may miss them entirely. For example, the housing market may have taken a dive in the last 6 months, presenting you with an ample opportunity to purchase some property. Or, a new bank may have entered the market, promising rock bottom lending rates and minimal fees. Taking a timeout at the half year mark, and reflecting on your current financial situation, allows you to react to these new developments, and possibly take advantage of them. This is all about being smart and adaptive to the current financial landscape.
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