The new year is the time to take account of where we’ve been and where we want to go. Here are some financial goals for your new year’s resolutions.
- Meet with a Financial Planner
Meeting with a Financial Planner can help understand your current financial situation and help towards achieving your financial goals. Not sure what your goals are? We can help you with those as well. Additionally, we can provide great insights on how to structure your finances so that you’re better able to meet your goals.
- Review your household budget
Start the year by revisiting your budget. Assess your monthly income, along with your expenses and determine your financial priorities for the year. We find this is a productive way of identifying your essential and non-essential spending.
Understanding your top priorities can help you develop the ideal budget and investments for you.
- Build an emergency fund
Building up sufficient savings is essential, not only does it provide you with security in times of uncertainty but it can also provide you with financial confidence that you're able to fund any emergency car repairs or medical bills.
Ideally, 6-12 months of living expenses may provide you with a good level of protection and allows you to continue working towards your financial goals.
- Reduce your debt
The first step is to identify the type and amount of debt you have. Is your debt in the form of credit cards, car loans, mortgage? Are the interest rates fixed or variable? What are the terms of these debts? Breaking your debts down will assist with creating and implementing a strategy to repay them.
- Start investing
As Warren Buffet once said "do not save what is left after spending, but spend what is left after saving". Getting into the habit of regular saving can make investing a priority and put you on track to achieving your financial goals.
Looking forward
Financial resilience will be one of the key themes moving forward. After a difficult period off the back of Covid-19, rising interest rates & inflation and the cost of living crisis, you may have fallen off track. The knowledge and experience of a Financial Planner can help get you back on track towards achieving your goals and to make 2024 a step in the right direction for you.
If you'd like any further information then please get in touch.
Happy new year!