3 Tips to be Financially Healthy in the New Year

A recent survey by the American Psychological Association said that 62% of Americans report being stressed about money. There’s no better time than New Year’s to review your current situation and make resolutions to be financially healthy in the New Year. However, it’s interesting to note that according to a Nielson survey, only 25% of Americans will actually include New Year’s resolutions that are financial in nature. If you’re feeling anxious, angry, or fatigued due to your money-related stresses, then perhaps you might want to try our 3 tips to help you be financially healthy in the New Year.

  1. Establish a List of Goals. As the year goes by there are significant events that can impact your outlook on life and retirement. Unfortunately, these events sometimes force you to lose sight of your retirement goals. But, with the New Year comes new opportunity. Try revising your list from last year and when adding in new goals, separate them by short (1-2 years), mid (2-5 years), and long-term (5+ years). While “having a comfortable retirement” is a good long-term goal to have, you should try to create short and mid-term objectives that are more tangible and attainable to help you stay on-track and achieve your overall goal.
  1. Get Organized with a Budget. Setting budgets is one of the most effective ways to get your spending habits under control. However, day-to-day lifestyle habits and certain psychological instincts make it increasingly difficult for people to stay on-track when it comes to their budget. Often times, when people try to budget, they are bombarded with a pile of bills and unexpected expenditures, thus putting them right back to where they started. Even when people seemingly make the right moves and take the necessary steps, they still end up spending way too much. Ultimately, creating a more explicit budget will help people decide what to cut out in terms of their more desirable, yet unaffordable and unnecessary expenses.
  1. Make an Appointment with a Trusted Financial Professional. Writing down your goals and creating a budget is a good place to start, but sometimes you need that extra guidance. We start all of our relationships with a complimentary, no obligation in-person financial review. We start with this process because we still believe in the power of sitting face-to-face when discussing something as important as your life savings. We want to know the person behind the numbers and understand what’s important to them. Once we know that information, we can start the process of designing a personalized plan to help them achieve their goals.  And while we use every bit of technology to stay ahead of the curve, we stay rooted in tradition when it comes to the clients we serve. If it’s been awhile since your last review, then CLICK HERE to request your complimentary, no obligation review.  Our mission remains to help you achieve your retirement goals without taking on any unnecessary risk.