This article, by Justin Baiocchi, was originally published in The Northern Daily Leader on 31 December 2016.

As I write this, we’re nearing the end of the year. In fact, if you’re reading this in the paper, it’s New Year’s Eve and you are no doubt debating whether or not to stay up until midnight to see in the New Year. I’ve found that as we started to have children, each successive one seemed to lop an extra hour off my ability to make it to midnight. With three kids this means I’m lucky to make it to 9pm. In pre-children days that was when the party was only getting started. Now however, I know that by six in the morning I’m likely to have two, if not three, small people yelling at me and demanding to be fed and entertained. Only a man more brave (or foolish) than me would stay up until the wee hours, knowing that was the fate which awaited him.

The end of the year is of course a perfect time to look back and consider your progress and achievements, particularly in regards to your finances. There’s no need to make it too formal, or else you’re unlikely to actually do anything about it; rather, just ask yourself a few questions and be honest with yourself. Things like: did you make much progress in reducing your debts this year? Were you able to add extra money to your savings or superannuation? Were you able to control your spending this year? We all have the odd occasional unexpected expense, but spending more than you earn is a certain path to financial trouble. Are all your insurances in order and are the insured amounts appropriate? Many people vastly underestimate how much life, home and contents insurance they need. Make time to review your policies.

The end of the year is also a good time to make some plans for the year ahead. Are there ways you can save more next year? If you’re lucky enough to get a pay rise next year, why not commit right now to salary sacrificing it to superannuation, rather than taking it as extra pay? If you were living well enough without the extra money, you won’t miss it anyway. Can you pay more off your mortgage? Changing your phone or electricity company can save money – direct it to your mortgage instead. Most importantly of all, save some money for yourself. There’s no point having a fat bank account and living on bread and potatoes. Indulge yourself every now and then, but do it sensibly. Failing to keep your finances under control is a lot more serious than dealing with three toddlers on a hangover.