By KIMBERLEY HIBBERT

Career & Education reporter

hibbertk@jamaicaobsrever.com

AT the start of each new year, many people create a budget and vow to better manage their finances and take charge of their money. But at the end of each year, very few take the time to check if they met any financial goals despite the expected setbacks.

Dr Anthony Allen, consultant psychiatrist, counsellor, whole person wellness consultant and lifestyle coach, said in assessing one’s financial goals, specifics within your finances have to be outlined.

“You need to sit and assess how much you planned to save; if you were investing, how much you planned to invest; how much returns you expected on your investments; how many new customers you expected if you are in business and how much new income you expected to earn,” Dr Allen said.

He added that the goals have to be specific in order for them to be measured in an appropriate way.

“Whatever aspect of your finances you’re measuring, look at the extent to which you achieved and assign grades or percentages,” Dr Allen said.

Assessing whether or not you met your financial goals can be done by:

1. Looking at your income and savings

Dr Allen said looking at your income and investments is a good way to know if you met some of your financial goals.

“It is important to invest, even if it is a little,” Dr Allen said.

“Did you set aside money for your children’s education or even your own goals? Did you save for your retirement?”

He added that everyone should put aside money for emergencies, which should be at least 10 to 20 per cent from their income.

2. Assessing if you’re debt-free

At this point you need to get your mortgage statements, credit card statements and auto financing statements in hand.

“Did you clear your credit card debt? If not, you need to strive to have it cleared as credit card and other debt are holes that get deeper and deeper,” Dr Allen said.

3. Looking at your entrepreneurial skills

Another way to ensure you meet your financial goals is to find another source of income.

“Find ways to make money on the side. Identify the needs of people and work towards them,” Dr Allen said. He added that individuals should ensure they have a good business plan by keeping it updated and revised.

4. Determining how financially protected you are

Meeting your financial goals include being covered in the event of emergencies.

“Did you invest your money in life insurance, car insurance or home insurance? Emergencies are not announced, so this should be part of your financial goals,” Dr Allen said.

When the assessment is completed, Dr Allen suggests looking at the extent of the targets that were met and giving yourself an honest grade from A to D.