It’s that time of year again when millions of people make New Year’s resolutions they have every intention of keeping.
Unfortunately, only about 9% actually do.
The key to sticking with it is setting specific and challenging goals that you can pursue passionately. Focusing on smaller goals as stepping stones helps you reach your larger target.
It’s the same when it comes to increasing your financial literacy, making responsible money choices, and building your nest egg. Partnering with an experienced and insightful advisor has many benefits and serves as a vital support system, especially in a challenging environment as we have currently.
What are your intentions for 2024? Whether it’s making more sustainable investments, saving for retirement, or finally being free to travel, you can accomplish whatever you set your mind to, as long as you are disciplined and determined. Here are some of the most results-oriented financial moves you can make for the New Year.
Focus on the Future
66% of Americans plan on making resolutions this year that focus on money-related goals, with Millenials and Gen Z most likely to do so. Almost everyone is at least a little worried about inflation these days.
Nearly half of the country’s consumers are hoping to save more for the future. There are many ways to do that, but you’ll find even more success if you stick to a solid plan for putting more away and create a budget you’ll truly be able to follow.
The very first thing you should do is take a realistic look at your income and spending. If you don’t have a retirement fund, you should set one up immediately. Ask your employer if they offer a 401(k) or other contribution plan and get enrolled as soon as possible. If you’re self-employed or your company doesn’t offer this benefit, don’t panic.
This is where a financial advisor who understands the challenges facing today’s families can make a huge difference. Utilizing these services isn’t only for older people or the wealthy. In fact, it’s an investment that pays off for everyone because professional guidance can help you identify your strengths (and weaknesses) — and studies show that consumers who work with a trusted advisor feel more happiness, confidence, and stability in their lives.
Even if you feel like you’re sometimes living paycheck to paycheck, there are several areas in which you can resolve to spend less and see a big difference quickly. It doesn’t matter if you start small at first. The important thing is to get started and remain consistent. Making these moves now will help you become more financially stable:
Cut unnecessary subscriptions
Do you need more than one streaming service? Monthly fees for meal kits, Instacart deliveries, fitness and photo apps, and other random online subscriptions can add up fast, and many people simply forget they’re being charged. There are several (free) online services and apps that will help you eliminate these unnecessary fees.
Reduce your utility payments
Power, internet, cell phone, and insurance bills can seem overwhelming. But there are steps you can take to reduce these costs. Review your bills — are you paying for data or extras you don’t want? Reducing your home energy usage is a good way to save a few dollars. Contact your providers to see if there are services you can cut or discount programs you may be eligible for.
Automation is your friend
Experts recommend saving 20% per month. Even if that’s not possible yet, every bit you save gets you closer to your goals. If your banking institution has an automated savings program, definitely take advantage of it. If not, there’s an array of fintech designed to help you effortlessly save.
Get control of your grocery bill
As costs for basic necessities rise, it makes sense to see if you can cut spending here without sacrificing healthy and nutritious food. From membership warehouses to meal planning, there are tons of resources online that will teach you how to source the best deals and ensure your family saves money while still enjoying their favorite things.
Ditch Your Debt
Getting out of debt is a dream for many. But it’s not easy, especially if you have credit cards with high interest rates or lots of loans. If you’re in deep, you may feel overwhelmed or that there’s nothing you can do but tread water.
But you do have options. There are free and highly-respected non-profit services that offer debt counseling. These compassionate professionals will help you navigate the path to financial freedom and a relaxing retirement.
Make Health a Priority
Money doesn’t buy happiness, but the lack of it can be a detriment to your mental and physical well-being.
Countless Americans make New Year’s resolutions about “getting healthier.” But trying to reach those goals in the wrong way can end up costing you a small fortune. Simply going outside and enjoying some fresh air any way you’re able to is free.
Again, it’s always best to consult with a knowledgeable professional when it comes to your physical health. If you haven’t had a check-up lately, schedule one today. Your family will also thank you for creating a comprehensive estate plan that protects their interests and ensures your wishes are carried out.
Now is the perfect time to think about improving your financial health as well and making some resolutions you’ll never give up. I can help you identify your goals and forge a path toward wherever you want to go — reach out today!