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Article

Time to Revisit Your New Year's Resolutions

Time to Revisit Your New Year’s Resolutions

Many made New Year’s resolutions for 2024 to adopt healthy habits concerning their bodies, minds and finances. If your resolutions contained a desire to get your finances in order, you might consider that budgeting should always be the centerpiece of your financial resolutions. Here are some ideas that can help.

February 16, 2024
Time to Revisit Your New Year’s Resolutions
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.

Did you make a New Year’s resolution about seven weeks ago? For 2024, many Americans are making the resolution to adopt healthy habits – concerning their bodies, minds and finances.

If you are among the vast majority that want to save more money, then it might be time to get your overall finances in order. There is always more we can do to better the financial picture for ourselves and our families. There is every reason to make 2024 your year to accomplish what you set out to do.

Create a Budget

The centerpiece of any financial resolution – including saving more money – is to create a budget for the entire year. This isn’t as daunting as it sounds. Decide with your partner and family members what the big expenses are for 2024. Will you need to buy a new car? Take a vacation? Fix the roof or replace the air conditioner?

By planning ahead and setting aside money in advance, these expenses don’t hit your pocketbook as hard as they would if there were no plan. A family budget is a great learning opportunity for kids, as well.

Don’t allow mistakes you made in the last 12 months to affect your goals for the coming year. Allow yourself to mentally wipe the slate clean. Use previous stumbling blocks as your new goals for 2024.

Perhaps you had trouble with credit card debt, stress at work or gained a few extra pounds. Involve those challenges into your New Year’s plan. Setup a timeline for paying off debt, schedule time to de-stress and get away from the office, meet with a personal trainer or create a fitness plan that will work best for you.

Don’t forget to write down what you want to achieve and place it somewhere you see it each day. If nothing reminds you of your goals, then it becomes much more challenging to attain them.

Neither Asset Allocation nor Diversification guarantees a profit or protects against a loss.

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