As a financial planner, I can tell you that planning ahead is the key to meeting your financial goals. That being said, things can slip through the cracks during the hectic lives we all tend to live.

One of the ways to get your financial life in order is to take some time out to review it. No time is better than the final week of the year. Once the 25th passes, the rest of the year tends to be a bit of a lull for most of us. It is the perfect time to do some thinking.

Getting your financial life in order is all about being organized and updated. Organization is a subject we’ll leave for another time, but updating your personal profile is something people consistently fail to do.

If you could see into the future, you could have a highly accurate financial plan. Frankly, you would be wildly rich. None of us, however, have pulled off the fortune teller gig, so we have to review our current and future financial situation at least once a year.

Okay, you are ready to do an overview of your situation. The first and obvious question is what changes happened during the year that you didn’t anticipate. Now consider whether those new events require changes to your financial plan.

Don’t get caught up in analyzing minor changes. We are talking about big things like getting married, changing a job or having a child. A new addition to the family, in particular, can be a slap in the financial face.

With a new child, your financial plan can more or less be thrown out the window. The initial issue to consider is the impact on your current situation. It is going to cost more to feed and house a child, not to mention medical bills.

Ah, but what about the long term? With a newborn, you need to consider how you will put them through college. What about life insurance in case something happens to you? You should have a will and trust. Now is a good time to update them.

Expanding your family is an obvious, if rather common, example. Plenty of other events, however, can have the same impact. What if you changed jobs? What if a family member is hurt? What if your parents move in with you?

The end of the year presents you with a good time to take stock of your life. Finances should, of course, be part of that overview. Your future hinges on getting it right, so don’t blow it off.

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