2024 Checklist ✅
Enter new year with a foolproof action plan!
“Goals are dreams with deadlines.”
- Diana Taurasi
W: Welcome Story
Two roommates, Ramya and Alia, started earning a few years ago and began their money management in 2022. They did the basics right—had an emergency fund, budgeted expenses, started investing, saving, etc.
As the end of 2022 approached, both women wanted to make their next calendar year even more strong financially.
They promised each other to work on their financial planning and headed home for the holiday season to meet back in January.
Four months later in April 2023…
Ramya and Alia continue to stay together and have similar salaries, but Ramya is more settled with her financial life while Alia is still figuring out what went wrong.
The difference was…
While both wanted to make their 2023 better, Ramya assessed her current financial situation, planned for 2023 in December itself, and put her plans into action from Day 1 of the new year.
On the other hand, Alia thought, “I should focus on my finances for 2023.“
That’s all she did. Only wished for it—no plans, no actions.
…and now it’s December again
You have the chance to be either Ramya or Alia. What will you do?
E: Education
We are sure you want to be where Ramya is by April 2024—and you will only get there if you start today, not in January.
So we have compiled a checklist of 10 points for you to assess and plan in the next 15 days. Look at each box, plan for it accordingly based on your 2024 and long-term goals.
Make sure you check each box once you have worked on these:
Analyze 2023 spending. Categorize your expenses for the past year and identify areas where you can cut back or optimize spending
Review your current investments and their performance. Are they aligned with your financial goals?
Set SMART financial goals: Specific, Measurable, Achievable, Relevant, and Time-bound. Prioritize short-term (e.g. emergency fund) and long-term goals (e.g. retirement)
Create a 2024 budget (for the first three months.) Allocate income to expenses, savings, and investments based on your priorities and goals
Ensure your emergency fund has enough runway for 3-6 months if you have any lifestyle changes or increased expenses
Reassess your debt situation and check if you’re right track to tackle it
Maximize tax-saving investments: Utilize instruments like PPF, ELSS mutual funds, and NPS to lower your tax liability while saving for the future
Diversify your portfolio: Explore options like equity mutual funds, ETFs, and gold if suitable for your risk appetite. Try to add one more investment option in your portfolio in the next three months
Read books, articles, and blogs on personal finance. Attend webinars or take online courses to learn about investing, budgeting, and debt management. Even better, make a list of books or courses you have always wanted to consume and plan your weeks accordingly
Prepare for emergencies. Review your insurance and its policies. See if you need any upgrades based your 2024 goals
A: Actionable Steps
Since the checklist was straightforward, we thought we will share something different in this section. Along with your financial planning, here are a few of aspects of your life you can work on to make 2024 truly yours:
Mental and physical Health
Career
Habits you want to form and get rid of
Bucket list
Relationships and social life
Travel
New hobbies
L: Learning
If you are unsure about what goals to set in your overall journey, here is a blog with 20 achievable goals to set for your personal development, covering different aspects of your life.
T: Thought Leadership
"Set your goals ridiculously high and the world will rise to meet you."
- Pablo Picasso
Limit is what you set for yourself.
Since we are talking about goal setting, why not avoid mediocre goals?
Set high standards for yourself and work hard to meet them. Even if you don’t meet your goals, you will surpass what you couldn’t even think of before. That’s how you outdo yourself!
Remember to ask yourself this when setting your goals:
“Are my goals big enough for me?”
H: Happenings
Moolah Webinar on Real Estate as an Investment
Moolah is hosting a webinar with MS Anita Kataria, Senior VP (Sales), Raheja Universal, who will help us understand:
- Is real estate investment as powerful as it was 20 years ago?- Real Estate as a short-term and long-term investment
- Real Estate for security and/or aspiration and ROI
- Women investing in real estate independently
- What to watch out for while investing in real estate
Register for the free event here.
Venue: Zoom
Date: 17th December 2023, Sunday, 6:30-7:30 pm IST
Ask Me Anything Session:
Meeta answers all your finance questions on the third Friday of every month.
Use this link to register for the session and get your queries cleared!Venue: Zoom
Date: Friday, 15th December 2023, 6:30-7:30 pm IST
PS: This event is today
That’s everything for this week. See you in 14 days.
PS:
If you want to ask us questions or if we can help you in any way, you can ping us at wealth@moolahforwomen.com. We will respond within 24 hours.