Financial planning and analysis are essential all year long. However, the beginning of a new year marks an opportunity to dive deeper into the financial planning process. It is an excellent time to take stock of your short-term financial goals for 2024, as well as your long-term financial goals.
An expert in financial wealth management like Saddock Wealth can help you navigate this ever-evolving terrain. In the meantime, here are a few strategies you can employ now to meet and hopefully exceed your financial goals for 2024.
Review and Revise Your Existing Financial Goals
Many different types of financial goals work together to create a more secure future. Both short term and long-term financial goals are essential. However, the trick is to continually review and re-review your goals to ensure you aren’t missing opportunities or are being too short-sighted.
It’s understandable that your financial eye may be focused on more immediate goals. For instance, buying a house, buying a new car, or making a big short-term investment – but the long-term goals will provide greater stability for the decades ahead.
So, when reviewing what you want to accomplish, don’t forget to put those long-term goals at the center of your radar. The further ahead you can plan, the more you save and accumulate towards your retirement and/or other long-term plans.
Map Out Your Targets and Milestones
A balanced financial plan considers both short- and long-term ambitions. Therefore, the start of the year is a great time to map out exactly how your money will go towards immediate needs, wants, and long-term savings.
For example, the start of the year may be a good time to adopt practices that will help you adhere to a 50/30/20 budget. This is a plan where 50% of income goes towards needs, 30% goes towards wants (like entertainment and vacations), and 20% goes towards savings.
The 50/30/20 budget is a general budgeting rule of thumb. This budget rule and exact spending threshold will vary based on your financial situation. A professional wealth management team like Saddock Wealth can help you create these budgeting guidelines and can help you stick to them without excess effort.
Review Your Opportunities and Your Investment Portfolio
Financial planning and wealth management isn’t a one-time endeavor. Instead, careful attention must be constantly paid to market conditions. Changes in the market include inflation, tax laws, and other mass changes that will dictate the smartest ways to invest and save.
As such, the start of the year is an ideal time to take stock of your investment portfolio and determine what is working financially and what is not. For example, with recent changes to how retirement contributions and withdrawals are taxed on a federal level, it may be an excellent time to contribute to new or varied types of retirement accounts for a more secure future.
Automate When Possible
One of the easiest ways to save money is via automation. Therefore, if you want 2024 to be the year you start building a bigger nest egg, it’s time to find ways to automatically direct a chunk of your income to varying savings accounts.
Employers can usually deposit money into varying accounts – like checking and savings. Moreover, review your opportunities to save automatically by putting aside funds for the future with minimal effort.
Review What You’ll Accomplish in 5, 10, 20, or 30 Years, and Come Up with a Plan
The best way to create a future budget and savings plan is to know what you want that future to look like.
Come up with a list of goals for the next 5, 10, or even 30 years to better understand the budget and funds required to reach those milestones. By having an investment horizon and a clear end goal, your financial planning advisor can help you create a clear path to achieving these financial ambitions.
Start the year with the right financial plan with Saddock Wealth
The easiest way to achieve all the above strategies and then some is to start the year with a consultation with a financial planning and analysis expert like Saddock Wealth.
With a continual eye on the changes and opportunities that will impact on our clients’ budgets and bottom lines, we’re your best resource for timely and sound financial guidance that will resonate well into the future.
Let’s work together to make 2024 the year that your financial goals come into focus. With Saddock Wealth, you can have peace of mind that all your financial goals – both for the short term and the long haul – are well within reach.