It hardly seems possible that the year has almost ended. After all, 2021 was the year in which many people, and institutions, expected to see a reversal of fortunes. They would see the back of the pandemic and would then get back to life as they knew it. Instead, many people have found themselves in a weird sort of holding pattern, when it comes on to #moneygoals, not seeming to make significant strides in their finances. In fact, there are some who feel like their finances are in downright freefall due to the pandemic, with so many of their financial plans essentially shelved. Before the hustle and bustle of the yuletide season sets in, however, this is a good time to redefine your financial mission statement and use that to chart a course for your money plans in the approaching year.

Here are five things to consider.

1. Firstly, accept that you need to revise your budget. Like, now. It’s less than likely that you received a salary increase this year. Are you hemorrhaging money and accruing credit card debt? You aren’t alone. The truth is, global inflationary pressures are being spurred by the pandemic, with a sharp rise in world food and energy prices exacerbated by supply chain issues and other natural disaster/climate occurrences. Added to that is the reality of a fluctuating Jamaican dollar here. If your budget was created in 2019, it is improbable that it’s still effective. Create one that is realistic, and where there is a shortfall, decide how it can be filled by cutting back or creating alternative income streams.

2. You can contemplate plugging the shortfall in your budget by figuring out an effective side hustle. But the year-end is also a good time for career assessment. Is there any possibility for advancement on your job, and therefore a potential salary bump? If not, maybe it’s time for a career change. Don’t be overly concerned about whether there are organisations out there accepting applications. Use this time to think about what it is you really want. Then set about researching what the requirements are for manifesting your dream job that will not only afford an amelioration of your lifestyle but also your state of mind.

3. Did you vow that this was the year you would overcome your fear of investing? You know you need to diversify your investment portfolio but as yet you have not made a move. Maybe because your savings, from which you planned on investing, have been depleted because of the ad hoc spending over these past two COVID years. If your savings are tapped out, make a plan on how to ‘build back better’. If you still have some savings and negligible debt, examine your investment options and what you’re comfortable doing — stocks, bonds, real estate, etc — and then set that money aside. This year your Christmas celebrations may have to be scaled down.

4. If you’re in deep credit card debt, do not use your cards this season. Make it a priority, instead, to devise a serious plan on how to repair the damage. If you employ the popular 50/30/20 budgeting system, with 50 per cent of your income allocated to needs, 30 per cent to wants, and 20 per cent to savings and debts, you might want to tweak it a bit, depending on the gravity of your situation, allowing a higher percentage of income to debt repayment than to savings, or even wants. Where necessary, come up with projects that can involve the entire family regarding how you can dig out of debt.

5. A big financial issue that is often overlooked is the issue of estate planning and the drawing up of a will. People always think that there’s time. Until, well, there isn’t. A will is an important legal document that lets your loved ones know your expressed wishes for what should happen to your estate in the event of your demise. If you’re a person of reasonable means, this is vital for boosting generational wealth and security for the people who matter most to you. When you die without a will you leave decisions about the distribution of your assets up to a court or the Government — a huge cost in time, not to mention expense, as these court wranglings can often drag on for years.

After this week, the silly season will truly be on in earnest, which means most of us will likely be immersed in the busyness that usually accompanies this period. But before becoming distracted, curate a list of your 2022 financial goals, rather than simply expressing wishful thinking about them. The aim is to move you and your family forward on the path to financial well-being.