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Time to Consider Your New Year Resolutions
Shared by Strong Valley on January 1, 2023
Time to Consider Your New Year Resolutions
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The New Year is a great time to make a commitment to get your finances in order. With proper planning and appropriate guidance, your resolution to make your finances a priority can begin to build financial stability to prepare you for the uncertainties of tomorrow. The New Year is offering you a fresh beginning.

Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

For many people, the New Year is a time for personal reflection, a time to consider commitments and resolutions for the coming year.

This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial stability and prepare for the uncertainties of tomorrow. Consider the following steps:

Get Organized

Gather all your important financial documents – life insurance policies, homeowners insurance, wills, trusts, and other pertinent financial records – and organize them so you can access them quickly and easily.

Schedule a Professional Consultation

Arrange a time to meet with your financial advisor to review or write your will and establish any necessary trusts. Prior to your meeting, discuss with your spouse or other loved ones how to handle property dispositions and guardian appointments.

Keep Debt in Check

Pay off high interest debt first, especially if the interest is not tax deductible. Do your best to avoid the minimum payment trap.  By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases costly in the long run.

Review Insurance Coverage

Review your life insurance policies to ensure that your beneficiary designations are appropriate to your current situation and that all arrangements are up-to-date. Also, consider repaying any loans you may have against your insurance policies. This can help to reestablish an emergency fund for the future.

Apply for Scholarships

If your children plan to attend college next year and require financial aid, remember that financial aid forms are due early in the year. The earlier you apply, the better your chances may be for obtaining aid.

Prepare a Tax Strategy

Begin to gather your tax information and arrange a time to meet with your accountant, if necessary. It is important to file your income taxes on time and to be aware of any tax changes that may affect your return.

Write It All Down

Once you’ve met with your professional advisors, write down a few realistic goals that you think are achievable. Make the commitment now to plan your finances accordingly. This is your first step to building a solid financial future.

The New Year offers us a fresh beginning. This year, resolve to make your finances a priority. With proper planning and appropriate guidance from your financial advisor, you can begin to work toward financial independence and prepare for life’s uncertainties.

The information contained within is believed to be from reliable sources. However, its accurateness, completeness, and the opinions based thereon by the author are not guaranteed – no responsibility is assumed for omissions or errors. The views expressed herein reflect our judgment now and are subject to change without notice and may or may not be updated. Nothing in this document should be construed as investment, tax, financial, accounting, or legal advice. Each prospective investor must make their own evaluation and investigation of any investments considered or of any investment strategies described herein (including the risks and merits thereof), should seek professional advice for their particular circumstances, and should inform themselves as to the tax or other consequences of any investments or services considered or described herein. Please see other important disclosures related to

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