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Did You Know…? Financial Resolutions

December 26, 2023 | Weekly Commentary

It’s that time again when we think about New Year’s resolutions, here are some financial resolutions from our Financial Advisors. 

  • As a new year comes upon us, it is always a great time for a personal financial checkup. One of the first places to start is your bank account. Look at the 1/1/23 balance and the 12/31/23 balance. Is it higher or lower? Follow the inflows and outflows to understand better if you are a saver or spender and how to change or utilize it.
  • Establish an emergency reserve of at least six months of non-discretionary spending.
  • Contribute to employer retirement plans to get the employer match, at least if provided.
  • Tackle high-interest debt. Take inventory of all debt, especially credit cards, and make it a goal to responsibly pay down the highest interest accounts or look for 0% transfer balance offers.
  • Plan to pay off any student loans as fast as possible.
  • Project the cost of those big-ticket items or home renovations. Do you reasonably understand the actual costs, or are you keeping it a pipe dream?
  • Review your beneficiary designations for both primary and contingent designations. 
  • FINISH YOUR ESTATE DOCUMENTS! Will, Power of Attorney, Health Care Directives, and Living Will. 
  • Take care of your health – your most important asset in your financial health.
  • Investments continue to become more complex, so seek a financial advisor to help better understand your assets.
  • Be proactive in your financial decisions, not reactive, and listen to Your Financial Choices on Wednesday nights at 6 PM on wdiy.org or 88.1FM or many streaming services!

Invest in your financial well-being, follow through on these financial resolutions, and step into the new year with confidence and control over your financial future. TeamVNFA wishes you a prosperous and fulfilling year ahead!