4 New Year’s Resolutions: Financial Edition

Another year has closed, and the excitement (and sometimes hand-wringing) of a new year is looming before us with all of its possibilities: and the chance to start fresh. Whether you had some slip-ups or had your best fiscal year yet, it’s never a bad idea to lay out some financial resolutions for the new year.

  1. Envision your goals for the year. However you plan to diversify your investments, double down on others, or if you’re looking to plan for many “new years” ahead, you need to figure out what it is that you want most. The goals of others can’t be the goals you have for yourself and your financial interests, just like anything else. There are generic resolutions to make, sure, but at the end of the day you need to make a solid 3-5 goals that are achievable and measurable before the new year really gets into full swing.
  2. Pay off what you can. If you’re able to, pay down as much debt as you can by taking a look at your total financial picture. It makes sense to pay off where interest is highest, sure, but looking at your financial plan and figuring out what you want paid off most–maybe it’s a credit card that you didn’t mean to run up–is key to feeling a sense of financial wellness. Having a plan in place can maintain the sense of control that builds confidence that later allows you to make decisions based on who you want to become and not who you’ve been (and how you’ve spent) in the past.
  3. Remember that you’re more than your financial picture. It can be easy to compare yourself and your finances to others, but as we mentioned earlier: making your own financial plan and goals should be on your resolutions list this coming year. You’re as diverse as you hope your portfolio is, and there’s more to your life and who you are than the financial “stuff.” Alloy Wealth Management cares about the whole picture, and having an idea of how you’d like to live is key to knowing what you actually need out of life.
  4. Use our services at Alloy Wealth Management. Need some help narrowing down those goals? We’ve got your back. With everything from tax planning to estate planning, there’s no reason not to make one of your first goals to meet with us when your holiday time allows for it. We can help keep your ideas and dreams within reach while also advising what’s feasible and financially sound.

The new year can bring about a lot of feelings of unease or stress, but we don’t think it should be that way. Planning ahead and making goals that excite you or inspire you is just one way you can move forward confidently into the new year: and we’re here to help.