“Always bear in mind that your own resolution to succeed is more important than any one thing.” ? Abraham Lincoln  

After the rush and thrill of the Holiday season, this is a perfect opportunity for all of us to  sit back, summarize the highs and lows of past year and proactively plan for the year ahead.  As the number of days is dwindling for 2012, we have to focus on important areas of our life.  Financial health is mostly on top of everyone’s agenda, with all of us wanting to have more cash, less debt and generally more prosperous financial New Year.  This is the perfect time to create sound financial resolutions that are clear, focused and realistic before we greet 2013.

Here’s a short checklist that will guide you whether you want to have freedom from debt and other financial issues in your personal or business life.

Go back to your financial basics

Get on top of all your financial facts, black and red – organize your financial records.  This could be a very taxing task which requires time and focus but will you will reap the greatest rewards by getting clarity of your business or individual financial state.  Know where your money goes so you will have a clearer picture of your cash flow system.  This will also serve as your guide for all budgeting for next year and other financial resolutions that you are planning to make. 

Follow the money trail

Lots of us tend to neglect the money spending trends and think about it only when overspending happens – too late to do anything about it.  We all have black holes where we are continuously paying for goods and services we no longer need in our daily life or in our business.  Keeping track of your debt will help you decide what expenditure is necessary for this coming year and what expense can be cut save more rather than spend more.

Clear out your financial obstacles

Make a list of all the challenges you faced when you managed your finances this year.  Do you have a lot of debt you need to collect or debt you need to pay?  Are you paying way too much interest or losing a lot of profits?  Recognizing these obstacles and financial challenges will make it easier for you to evaluate how they came to be and what you can do to stop them from being repeated.

Diversify your cash flow path

If the financial plans you made this year didn’t work out the way you wished it would, then don’t be afraid to try out a new strategy.  You don’t need to create a whole new plan but diversify the ones that you already have and check for areas of improvement.  Track your progress consistently, be flexible when you have to and be persistent in what you want to achieve.  Think of other ways you can improve your cash flow this year.  Every dollar counts, so think outside of the square.  Do you have extra space you can sublease?  Do you have a car you can lease for the outside space for other businesses to advertise?  Did you call your merchant provider to renegotiate your merchant fee percentage down?  This might look like a small change, but over the full year and coming from few sources will help a lot!

The beauty of every coming year is that it can give us hope that everything is not set in stone and we can create some positive changes.  When we want financial freedom and prosperity in our life and in our business, WE have to take action to make it happen.   The power to financially succeed is still in our hands so never let another year pass without taking advantage of the opportunity to further improve it.

Have a Happy and Financially Prosperous New 2013 Year!!!