The new year is the perfect time to tackle those financial goals that have been gestating in the back of your mind for so long. Whether you want to save for a goal, consult a financial planning professional, identify long-term goals and chart a course, or reduce current debts, this is the time to do it. Below are three financial resolutions you should consider this upcoming year.
Financial Resolutions to Consider for the New Year
1. Reducing or Eliminating Debt
Often the one thing that holds most people back from achieving their savings goals is the albatross of debt across their shoulders. Set a goal with an end date to pay off any debt. Make sure that this goal is S.M.A.R.T – specific, measured, achievable, realistic, and timed.
For instance, if you have $10,000 in student loans, start by looking at your budget to find areas where you can eliminate expenses to throw more cash at the debt. Set a specific date by which you will have paid off the debt in question. Before you know it, you’re debt-free.
2. Create Short & Long-Term Financial Goals
Part of sticking with a financial plan is identifying what you value behind it. For example, if one of the reasons you’re setting aside an extra $300 a month is for your wedding or a down payment for a first home purchase, this will align with your core value of wanting to have a special day to remember, or to provide a home for your family. Find the why behind your goals, and you are more likely to stick to them.
3. Start Working With a Financial Planning Professional
Navigating your financial path can be tricky and overwhelming. While you think you have all the time in the world to plan, it ultimately flies by. That is why it’s important to work with a financial planning professional who can help you chart a course based on the life you want to live. They will give you actionable steps you can take to meet your goals.
No matter where you are on your financial journey, you can create a new life for yourself by changing your habits, setting goals, and charting a course for an abundant future. Working with a financial planning professional is key in helping you through this journey. Modern Woodmen | Scott S Paterick CLU CHFC has been providing sound financial advice to his Wisconsin Rapids, Wisconsin clientele for years. Whether you are saving for your first home or preparing for retirement, Scott has solutions for all of your financial needs. Call him today at (715) 424-1873 or visit his website for more information.
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