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Near the end of the third quarter of the year and companies are already in financial planning for 2012, we must do so if we want the next year is full of prosperity, achieve our goals and find balance with our money .
October is a great time to do this exercise because we are almost close the year, we have some visibility of what will be next, but above all very soon receive extra resources such as bonuses, the savings or bonds, that if once planned and budgeted will have a better use. Similarly, planning now can help the dreaded January cost less steep and especially not back in March, April, May …

Just as companies sales targets are plotted in our financial planning the first step is to define our goals, how much they cost and how long we want. For example, if we put together a down payment on our new home the end of 2012, how much would require saving each month?
To find out if our goals are feasible or require further time is very important to Armenians on a monthly budget, taking into account all our income and our expenses. We must remember that the savings should be included as if it were a category, such as housing or food, and be consistent.
It is important to make a budget that covers the whole year because there are times where we have expenses such as tuition or paying insurance premiums, which sometimes do not take into account seasonal and not be fixed, and that can upset our calculations
Something very important to monitor the balance between revenues and expenditures and our level of indebtedness. Start a new year in the red can make it difficult to reach our goals, so if you have more than 30% of our revenue committed to loans, may be a good time to find out what we can cut costs in order to channel more resources to return to our credit balance.
Another thing that companies do in their annual planning is to find ways to cover their risks. In our case the main ways of achieving this are the emergency fund and insurance.
The emergency fund is a “stash” that we do to deal with contingencies such as a defect in the house, pay the insurance deductible, the illness of a pet or even an eventual period of unemployment. Experts recommend that this amount is three to six months of our monthly expenses, but most important is not the quantity but start it, and keep it in a very liquid instrument with which we have the money at the time in which our request.
On the issue of insurance coverage must review what we require and verify whether we respond to our needs. Events like a new baby in the family, purchases of goods or a new car can we require changes in our policies.
Finally, just as companies review their treasury and their forecasts is important that we look for investments in line with our goals, the level of risk that allows us to sleep peacefully and the situation of the economy. A well-diversified portfolio, with national and international debt, equity, as the stock market, denominated in other currencies or commodities such as metals or grains in line with our goals and deadlines, can allow us to more easily reach our goals with less risk than if we focus on one type of investment.
Although it seems that these belong to the business planning, any family to do this exercise can enter the next year with more room to maneuver and aim for better results in the balance of household finances, so get to work!
The above tips are not investment recommendations on an instrument or specific value or financial recommendations. Consultation with a specialist advisor before making any investment. Neither MasterCard nor its affiliates, shareholders, subsidiaries, directors or employees are responsible for your decisions for your investment or financial decisions.