Finance 28 December 2018
Can you believe 2018 is almost over?! At the end of each year, it’s a good idea to take a look back at your finances. If you set goals at the beginning of the year, have you met them? Are you in a stable place financially? Or are there areas where you could improve? Take a look through this checklist to get a complete snapshot of your finances before the calendar flips.
One of the first areas of your finances you should look at is your debt. How much progress did you make with your debt this year? Or did you add to it rather than subtract from it? If you haven’t yet, go through and record how much you owe and to where (credit cards, student loans, etc.). Keep the list somewhere safe. At this time next year, you can compare where you are. If you didn’t make as much progress as you would have liked this year, why not? Do you have a debt repayment plan? Should you make adjustments to it? Checking in on your debt can help position you for a stronger repayment approach in the new year.
Checking in on your retirement at the end of the year is also wise. Most online platforms allow you to check your plans growth. Use this to look back at where you were at the beginning of the year. How has your money grown? Are you contributing as much as you can? Are you getting the maximum match from your company? Where do you want to be by the end of next year? Because retirement savings plans use compound interest, the more you save earlier on, the better off you’ll be down the line.
Another critical area to check in on is your emergency savings. Having 3-12 months of necessary living expenses saved up is ideal. This way, should the unexpected happen, you’ll be financially prepared. If you don’t have 3-12 months worth of expenses saved up, what adjustments do you need to make to start saving more? If you aren’t prioritizing contributing to your emergency savings, you may need to make changes elsewhere in your budget. Life happens, and getting caught without emergency savings can be incredibly detrimental.
How did your budget hold up this year? Did you even keep a monthly budget? If you haven’t been keeping a budget, now’s the time to start. If you have been, review whether it’s still working for you. Many people look at keeping a budget as a daunting task, mostly because it involves math. However, the math is simple addition and subtraction – what’s coming in versus what’s going out. And you don’t need a fancy software program or smartphone app to keep a budget. All you need is a pen and paper.
Thinking about estate planning can be difficult. Additionally, many people believe they are too young, or that estate planning is only for the wealthy. Neither of these is true. Estate planning is important because it ensures that your assets will be distributed the way you would like and to whom you would like. If you haven’t created a will, you may want to consider it. If you do have a will, the end of the year is an excellent time to review it to ensure it is still accurate and suited to your wishes.
Future Financial Goals
The last thing you should check off your list for the year is your list of future financial goals. If you came into this year with goals, check on your progress. Did you achieve any of your goals? Have you made as much progress as you’d hoped? After gauging how you’ve done on preexisting goals, think about what new goals you may want to set. Perhaps you’re looking to pay off your student loans, buy a house or go on a nice vacation. Once you’ve established a goal (or several), plan out the steps you’ll take to achieve it. Smaller, actionable objectives – such as paying off your highest interest credit card first – will help keep you motivated and allow you to build to those bigger goals. Writing your goals down can also be helpful. Putting pen to paper helps solidify your desire to accomplish it and can help hold you accountable.
The end of the year is a time when many of us reflect on the past 12 months. You can channel that sense of reflection to look back on your finances as well. What did you accomplish financially this year? What could you improve upon in the year ahead? Examining each facet of your financial situation as the year comes to a close will give you a complete snapshot of your money. You will also be better suited to make goals for the coming year. End this year – and start the next – feeling confident in your finances.
3 Min Read
I am a proud Black business owner carrying a line of lip colors for the woman who wants to shine. At Vatarie Cosmetics you can find cruelty-free and vegan lip care products, including clear lip gloss and liquid matte lipsticks. The line is still under development, so there are more products in the making that you'll hear more about soon!
My products are high-quality and it is my dream to take my brand into high-end storefronts across the nation and even across the globe.
I have worked my way into my entrepreneurial career as I did not come from money. The goal of my cosmetic line is to bring excitement to everyone who tries the line. My products are high-quality and it is my dream to take my brand into high-end storefronts across the nation and even across the globe. I believe that with added makeup and a good set of threads, anybody can confidently face the world. I am a proud and firm supporter of the Black Lives Matter (BLM) movement and a proud member and supporter of the LGBTQIA community.
There have been plenty of hardships that I have had to face throughout my entire life, the most recent being the recent death of my father who passed far too soon. I have never allowed these hardships to deter me, and won't start now. I will continue to progress and work hard to build my business, knowing that this is what my father would have wanted.
About the Vatarie Line: What It's All About
Upon launching the line, I had the mission of inspiring every human to find their inner beauty and to have fun along the way. With this in mind, my products are designed for people of all genders, races, religions, and creeds. The Vatarie line will have more to offer customers very soon as I am continually working on developing products and expanding the line. In addition to the lip colors currently offered, the line will soon include highlighters, eyeshadows, and new lip gloss additions.
I believe that no one needs makeup to validate themselves, and we are all beautiful on our own. I do believe, though, that makeup can make life a lot more fun. Now more than ever we are living in a world where there is so much sadness and darkness. Sometimes all we need to change our moods and get away from that darkness is something to help us feel better and more vibrant — this is where a pop of makeup and a well put together outfit can really make an impact.
Now more than ever we are living in a world where there is so much sadness and darkness.
I encourage everybody to embrace their inner beauty and inner style, and express themselves no matter what. My line of products is inspired by high fashion and designed to make a bold statement. The running theme across my products is empowerment at every stage and level. I create products that make my customers feel happy, and I ensure I am happy myself with my products before I release every single one. There is no place for cutting corners as I believe in producing the highest quality product.
I bring my sense of humor and quirky personality into my products and you can see this in the names of each item. Take the lip color "Blood Money," which signifies all the money, tears, sweat, and yes, blood that was put into the brand. Let me tell you, it was hard work, and it still is hard work, but at the end of the day, it fulfills me to know the type of quality I am providing. It gives me great pride to create a line of legendary products that will positively affect someone and bring them to a place of self-love and acceptance.
About the Past that Gives My Business Meaning
I have struggled over the years with mental abuse that has left me feeling as if "I wasn't enough." Added to that, being a Black woman in an industry that is predominantly dominated by other races, I had to work harder to get to where I am today.
Coming from a broken home, my family struggled with addiction, making my entire childhood a miserable nightmare. My mother abandoned us as she was being physically abused, and it was up to us the kids to do everything necessary to take care of the home and each other. We eventually ended up living with my grandmother in Miami, Florida. At a very young age, I had to endure physical and mental abuse and was locked up. At the age of 22, I lost my younger sister to gun violence and found myself raising her one-year-old son as my own.
Being a Black woman in an industry that is predominantly dominated by other races, I had to work harder to get to where I am today.
While my past was a rough one, it is what has made me the strong, independent, and vibrant woman I am today. That woman strives to be her best every day and works tirelessly to provide a line of only the best cosmetics products. I couldn't see this while I was living through those bad situations and struggling to grow up, but I can look back and see how I was made more resilient because of my hardships.
As I grieve over my father's recent passing, I become stronger. It is this added personal strength that will push me forward in everything I do and will be reflected in my work ethic and in the development of new products for my Vatarie line of cosmetics.