This year, we started off on an optimistic note, asserting that it was possible to make 2012 your best financial year ever, despite the challenges that you may have been facing. To guide you along the way, I outlined a Money Manifesto with 12 commitments that were essential if you wished to achieve financial success.

Recognising that many people abandon their new year’s resolutions by the end of January, I thought that it was important for us to make more regular declarations if we really wanted to improve our financial well-being. My monthly Money Mission suggestions were designed to help keep you focused on carrying out your money goals.

If you have been reading my recommendations every month, how successful have you actually been in carrying out the advice? Has your year been a ‘Mission Accomplished’ or has it been yet another 12 months of ‘Mission Impossible’? Let’s review all the money objectives that we proposed during 2012.

Improve money management

In March, we turned the spotlight on debt reduction. Many people are mired in a quicksand type of debt which robs them of ready cash to pay normal bills and erodes their ability to save and create wealth. To solve this problem, you have to determine why you are choosing to borrow and apply the appropriate strategy to eliminate excessive debt.

Our mission in April looked at changing your relationship with money through consistent savings. With the realisation that people who spend without saving actually start repelling money out of their lives, I threw out a three-month challenge: to deposit any amount of money every day in a clear container, and focus on cash accumulation.

The importance of teaching your children to be smart with money was also highlighted in April. By demonstrating good spending habits, encouraging age-appropriate entrepreneurial ventures and promoting the value of goals setting and saving, it is possible for you to raise money-savvy kids who can help change our nation’s financial future.

Plan to earn more, spend less

Retirement planning was placed on the agenda for May. Many will eventually reach retirement age without any financial means to fund their senior years. After using the recommended tools to calculate how much you would need to spend in the future, the mission was to create a realistic plan to supply retirement income sources.

I then looked at how you could design a system to generate income that was not solely dependent on your physical labour. Building a ‘money machine’ is entirely feasible if you know how to utilise your opportunities and talents to create passive earning sources from portfolio income, residual income and leveraged income.

In July, our mission addressed the problem of too many disposable products which force us to consume too much and leave negative impacts on our environment. I looked at practical conservation strategies of reducing, reusing, repairing, and recycling, which would help us to cut costs and increase our savings.

Strive for financial liberty

The national focus on emancipation and Independence in August was reflected in our mission for that month. I outlined ways to escape the financial hardships of insufficient income; to break free from the slavery brought by excessive debt and to release certain financial fears that can cripple your ability to progress.

I re-examined our individual and national indebtedness, as an increasing overdependence on borrowing threatens to destroy our country’s growth prospects. Our mission covered ways in which consumers, employers, lending agencies, consumer-protection groups, and the Government could work together in reducing this alarming problem.

A call for us to stop fooling ourselves about our true money situation was made in October. Too many people choose to avoid the reality that they are clueless about what it really costs them to live, that they need to look for additional earning methods or that borrowing is sending them into ruin. Acknowledging a problem is always the first step to finding solutions.

Finish with a flourish

With the year speeding to a close in November, we vowed that it was time to stop procrastinating. Our mission was to put aside distractions and discouragements, and work with renewed energy to complete our unfinished objectives. Creating a budget to manage money better, establishing an emergency fund and tackling debt issues were our goals.

Finally, this month’s mission was to avoid the money madness that usually takes place during the holidays. By choosing to be savvy spenders instead of careless consumers, we could actually make a positive difference with our disposable income and ensure that next year doesn’t bring additional financial difficulties.

To properly assess your progress throughout 2012, you can review all the money mission challenges in greater detail right here on this site. If you acknowledge that there are areas for improvement, then add those specific tasks to your planning list for next year. It still is within your power to make 2013 your best year ever!

Copyright © 2012 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, December 27, 2012

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl