Happy New Year! It is the perfect time for couples to get together and set their own financial goals for the upcoming year and make resolutions about their personal life, business life, and finances. Setting goals together may strengthen your relationship and help you pursue financial success. Need some ideas to get started? I’ve got a few resolutions worth considering.
Be Open With Your Money Discussions
When you’re open and honest about your financial hopes, dreams, and challenges, you create an environment where you can work together towards your goals. Plus, it’s an opportunity to get to know each other deeper. Just imagine the conversations you could have – talking about your money values, your priorities, and even your wildest financial dreams. You might discover shared goals you can tackle together, like a dynamic financial duo!
Now, I won’t lie – having these money conversations can be a uncomfortable at first. But remember, you’re in it together. By being open and transparent about your money matters, you’re not just setting a solid foundation for your relationship. Still, you’re also reducing the chance of financial bombshells in the future. Remember, it’s about trust, understanding, and working together. And hey, if you find it challenging to navigate these conversations on your own, don’t hesitate to seek the guidance of a wealth advisor.
Start Saving or Increase Your Savings for Retirement
Retirement may seem like a distant speck on the horizon, but trust me, it’s never too early to start saving. Think of it as planting a seed that may grow over time into a tree, providing shade and comfort during your golden years. The sooner you start saving, the more time your money has to grow. This can give you a serious advantage because of the power of compound interest – it’s like a snowball that gets bigger and bigger as it rolls down the hill.
It’s also an excellent time to peek at your company’s 401(k) plans. These plans can be an effective tool for accumulating retirement savings. And if your employer offers matching contributions, even better. It is like getting a bonus to save. So, consider taking full advantage of any employer matching opportunities.
Consider contributing to an IRA or explore other savings options to create a diverse financial portfolio that fits you. All this talk about saving for retirement can feel overwhelming. But remember, you don’t have to be a financial genius to start saving. Start small, even if it’s just a few dollars a month. Every little bit adds up, and you’ll be amazed at the progress you can make over time.
So, my friend, let’s make it a resolution to start saving or increase your savings for retirement. And hey, if you feel like you are staring at a map to retirement and are unsure where you are or how to get there, speak with a wealth advisor.
Pay Down Your Debt
Debt sucks up your income, and you need your income. Your income provides you with a place to live, food on the table, and the opportunity to build wealth. Paying down or eliminating your debt will make it easier to breathe and save. Let’s discuss how to conquer it like a champ with the debt snowball method.
List your debts from smallest to largest, no matter the interest rates. Throw any extra money you have at that smallest debt while still making minimum payments on the rest. Once the first debt is gone, celebrate like crazy and get the sweet taste of victory to help keep the momentum going!
Now, take the money you were putting towards the smallest debt and add it to the next one’s minimum payment. You’re leveling up your debt-kicking skills! Remember, the debt snowball method isn’t just about numbers. It’s about building confidence and staying motivated toward debt freedom. It’s like having a team of cheerleaders rooting for you every step of the way.
Create a Realistic Budget That You Will Stick To
If you already have a budget, now’s a great time to review it. And if you don’t have one yet, no worries! The first step is to gather all those monthly bills and note your total debt/charges. It can be overwhelming, but take a deep breath and stay positive.
Now, let’s determine how much you need for essentials like housing, utilities, and groceries. These come first, so ensure you have enough to cover them comfortably. Next, consider how much money you can save for savings and debt payments.
But here’s the kicker: make sure your budget is realistic. It’s easy to get carried away and aim too high, setting yourself up for failure. Consider your steady income and be honest about other ways to make money and cut costs. Remember, budgeting is about controlling your money instead of letting it control you. You’ve got this.
Beef Up Your Emergency Fund
Having an emergency fund is like having a financial superhero by your side. It saves the day when life throws you a curveball. So, here’s the plan: aim to put some money away each month until you’ve got three to six months’ worth of living expenses in your fund. Once you hit your emergency fund target, replenish it whenever you dip into it.
Think of it as your safety net, always ready to catch you. With this beefed-up emergency fund, you’ll have peace of mind when the unexpected happens. Building an emergency fund isn’t about expecting the worst; it’s about taking control of your financial future.
Once you have a picture of your finances, the next step is to contact a wealth advisor to strategize, identify goals, and nurture behaviors to discover and pursue dreams together confidently. Schedule a call today!
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
All information is believed to be from reliable sources; however, LPL Financial and Enduring Wealth Advisors® makes no representation as to its completeness or accuracy.
Securities are offered through LPL Financial, Member FINRA/SIPC. Investment advice is offered through Enduring Wealth Advisors, LLC, a registered investment advisor. Enduring Wealth Advisors, LLC and Enduring Wealth Advisors, INC are separate entities from LPL Financial.
This article was prepared by WriterAccess.
Edited by Mark R Tracy, MBA, CFP® from Enduring Wealth Advisors® in collaboration with Copy.ai and Grammarly
17 “Money Resolutions Every Couple Should Make” …, Allwomenstalk.com, https://money.allwomenstalk.com/money-resolutions-every-couple-should-make/
2 “10 financial New Year’s resolutions to set now and achieve in the new year, CNBC, https://www.cnbc.com/select/financial-new-years-resolutions/
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