Recently updated on: December 27, 2023
The last week of the year between Christmas and New Year, or the year-end week, is usually a "blank period" wherein we often forget what day it is because we are already in vacation mode.
It is expected to spend this last week of the year in several gatherings with friends and families or a resting time in preparation for the new challenges of the new year.
However, while the year has not yet come to a close, we can still maximize these last few days by doing these four things.
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1. Review Your Financial Status
Before the year ends, we need to take a close, hard look at our finances for the year - our budget, expenses, savings, investments, plans, and more.
We must reconcile our finances, check whether our payables and receivables are in proper order, and do what we can to balance them.
We must also look at our spending habits for the year and identify gaps that can otherwise be avoided next year.
Then, we can check our net worth by subtracting our assets and liabilities - hopefully, this is a positive number - because this will be helpful for the following year.
When I was still working in the government, we regularly submitted our Statement of Assets, Liabilities, and Net Worth or SALN, which I found very helpful, especially since I have a grasp on my finances.
So, even though I am no longer connected to the government, I will continue to fill out a similar form.
Regarding consumer debt, it is essential to reassess your debt repayment plan as soon as possible so you can have more discretionary income for your other financial goals.
2. Throw out your trash.
A year of consumption and buying stuff will result in accumulation and a cramped room and storage. So, the year-end week is the perfect time to take a closer look at our possessions.
First, it wouldn't be so bad if we could remove some of the things we bought in the past that are no longer useful and are just taking up space in the house.
One of the things I learned from Mari Kondo's KonMari Method is to identify the things that bring you joy and discard the things that don't. This includes everything from clothes, books, papers, and miscellaneous and sentimental items.
Hopefully, you can significantly decrease your possessions for the new year and be more mindful of what you will take next year. Maybe you can even take a look at minimalism.
3. List your accomplishments for the year.
Similar to how Spotify gives an annual Wrapped of how your year of music performed, it is only proper that we must also have a yearly assessment of our accomplishments during the year.
It may not be as detailed as showing how many hours you spent on social media or how many minutes you exercised in the year. However, it is important to still look at the bigger picture of your year.
It is also important to remain grateful that even with everything that has happened in the past year, we can still look at the bright side and thank God for all the undeserved blessings that we received.
4. Set your goals for the next year.
Finally, after looking back at the previous year and the lessons we learned, it is also crucial to look forward and build on what we've started in preparation for the next year.
We need a year-end goal setting because it will help us have a road map or guide to what we aim for and hopefully achieve next year.
However, when we set goals for the next year, we need to make them as realistic as possible to avoid disappointments at your next year-end review.
We must remember that things may not always go our way during the year, and that's okay. We just need to see how much progress we have made and how much we've grown after a year.
Another thing to remember is that goal-setting is not the same as writing a New Year's resolution, but your resolutions can be goals by making them SMART.
Final Thought
The 52nd week of the year is an excellent opportunity to examine how our year went closely, examine the things that went well, and note them.
At the same time, we must look at the things that didn't go our way and learn from them.
So, as the year ends, be grateful for the year ended and hopeful for the year to come.
Have a Merry Christmas and a Happy New Year! God Bless you!
Yesterday is history, tomorrow is a mystery, today is a gift of God, which is why we call it the present.
Bill Keane