Financial Resolutions for the New Year and all year round

The new year is a popular time to reflect on financial goals. Consider getting started on some or all of the following financial resolutions to build a more secure and prosperous future.

1.    Review your credit reports
Your credit is an important part of your finances, so regularly reviewing your report is a smart financial habit to adopt. If you notice your credit score went up or down, your credit report holds the answer as to why. Regularly reviewing your report can also help you spot potential fraud. You can get your credit report for free from annualcreditreport.com.

2.    Cancel unused subscriptions
There are so many subscriptions these days, we often forget what we signed up for. Do an audit of your subscription fees and you may find a way to save yourself $10 - $200 a month.

3.    Refinance high-interest credit card debt
Consider refinancing or consolidating high-interest variable debts from credit cards into a personal loan which offer fixed monthly payments, interest rates and flexible features.

4.    Maximize your retirement savings
If your employer offers retirement savings plans or matches contributions to a retirement fund, make sure to take full advantage of these benefits. This can significantly boost your long-term savings and provide valuable tax advantages.

5.    Create an emergency fund
Building an emergency fund is a crucial component of financial stability. Aim to save three to six months' worth of living expenses in a liquid and easily accessible account. This fund provides a safety net in case of unexpected expenses or sudden changes in your financial situation.

6.    Create a will or estate plan
If you don’t have a will, now is the time to get started. Having a will means that you, rather than your state’s laws, get to decide who receives your property when you die.

7.    Meet with a financial planner
A financial advisor can help you maximize your potential earning and provide important planning advice. If you are not confident in investing money or understanding the financial markets, then a financial advisor can help. Similarly, if you have a complex financial profile, such as multiple sources of income, a variety of assets, and tax requirements, a financial advisor may be worth it.

8.    Make a Budget
A well-structured budget is the foundation of effective saving. Analyze your income, expenses, and identify areas where you can cut back or optimize spending. Allocate a portion of your income to savings as a non-negotiable expense.

9.    Automate Your Savings
Set up automatic transfers from your checking account to a dedicated savings account and your retirement accounts to make saving a seamless part of your routine. This ensures that you consistently contribute to your savings goals without the temptation to spend the money elsewhere.

10.    Review and Adjust
Regularly review your financial goals and adjust your strategy as needed. Life circumstances change, and so should your financial plan. Periodically reassess your budget, goals, and investment portfolio to ensure they align with your current situation and future aspirations.