5 Personal Finance Questions To Ask Yourself Before 2016

While most of us look at what we’ve done over the year by having personal reflection, it’s vital that we also reflect on our personal finances.

Regardless of whether your finances had a great year or its been a struggle, there’s always room to be successful in your financial life.

Here are 5 questions to ask yourself before you go into the New Year.


1. What poor money decisions do I keep on making? 

Everybody has bad habits but they can be changed if you’re willing to acknowledge them. Looking through your bank statements are a great way to see where things are going wrong. It may hurt to look but until you come to terms with your financial setbacks, you may never be able to move forward.

2. Did my budget plan work this year? 

Realise what’s worked and what hasn’t. For example, how you’ve handled your finances may need to change. Some people use Excel spreadsheets, budgeting apps or simply pen and paper. It’s all about using what works best for you. Remember what works for one person may not work for you so do what’s in your best interest. As soon as you grasp the best way for you to watch your spending you can understand how you plan to stay in control of your personal finances.

3. How will I manage any existing debt going into 2016?

From overdrafts to credit cards to loans to family borrowing, total up what you have to pay back. Let it sink in that that’s what you have to pay back. Don’t be afraid of the number & don’t be afraid of the debt. Condition yourself to think that you being in debt is not a regular occurrence. Get an action plan in place and get someone you can check in with regularly. If you don’t have anyone in mind, feel free to email refinedcurrency@gmail.com and we will offer support. As its winter, now is the perfect time to tackle your debt so you can have a fresh start in the summer.

4. How much income do I want to make next year? 

Are there ways you can grow your income? As we move into a new year it’s important we try to find ways to move into new income brackets. Times continue to change and with those changes come price rises so staying ready financially is always key. Could you pick up a new side hustle? Could you freelance? Pick up a temp job? Invest to make a return? The options are endless. Have a think about what could make you more money in 2016.

5. What is worth saving for next year?

When you think about 2015 do you feel like you could have saved more? Think about how much is currently in your savings account. Did you plan to save more? Did something stop you from meeting your saving goals? Make your financial goals for 2016 clear and have a look at them regularly. Knowing that your goal is to pay off debt, put a deposit down on a house or just save for a big holiday may help you to curb excess spending.


2016 will be the year of better financial decisions. Start with a clean slate by having an honest look at what you’ve done and what you can do to move forward successfully. 

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