Start the New Year with New Financial Goals 

financial goals
December 29th, 2022 0 Comments

With many Americans still reeling after the pandemic and the financial turmoil of 2022, it’s a good time to adopt new strategies as we inch closer to 2023. That’s why when it comes to New Year’s resolutions, it might be smart to create some new and concrete financial goals to ensure a secure and successful future. 

You can do several things right now to bring the focus back to your financial goals. Also, you can craft an effective short-term and long-term plan for wealth management. If you want 2023 to be the year where you start to build a more successful future, consider tackling one or all of these New Year’s Resolutions.  

Let’s discover some of the best ways to start the new year with financial success.  

Create a Budget 

Understanding your finances and how to save more for your future starts with a solid idea of your current income and expenses. Your first step should be to start tracking how much you are bringing in and how much you are spending, which will help you formulate a budget.  

There are hundreds of free apps that can help keep tabs on your finances on a daily basis without extra effort. Therefore, you can also look into software like QuickBooks or a simple Microsoft Excel spreadsheet to get started. By knowing exactly where your money is being spent from the get-go, you’ll have more essential data when larger financial decisions come into play. 

Pay Off Your Debts 

Debts with high interest can be an almost invisible drain on your finances. Additionally, eliminating debt is one of the easiest things you can do leading to bigger savings across the board. Before thinking about big purchases or investments, take stock of your current debt situation. Especially loans with high interest rates, to see if you can eliminate any excess and routine expenses. 

Create an Emergency Fund 

An unforeseen emergency can wreak havoc on your finances, but unfortunately, many people are not prepared for the unexpected. According to a 2022 study by Bankrate, an estimated 56% of Americans would be unable to cover an unexpected $1,000 bill. That is a dangerously precarious financial situation. As such, it’s a good idea to put your mind and your finances at ease by putting away extra funds for a rainy day in a low risk but accessible savings account. 

Focus on Retirement Funds 

The earlier you start to think about retirement funds, the more secure you will be financially in the long term. Many people haven’t started a retirement account yet. However, they probably haven’t taken an in-depth look at their retirement savings, and now is a great time to start. Best of all, many retirement accounts and investments offer a number of more immediate financial benefits. Some of these include tax deductions, so investing in your retirement is a smart money move that can help you years in the future.  

Review Your Current Investment Plan  

2022 was a tricky financial year with lots of turmoil for investors, but every challenging period presents new opportunities for your wealth to grow. A diversified portfolio can do a world of good for your long-term savings. Even in the most turbulent financial markets, there are always new opportunities for steadily growing your income through smart investments. Remember that nothing is stationary, and solid investments now will result in rewards in the months, years, and decades ahead. 

Get Expert Help to Create a Better Financial Plan  

All of the above New Year’s Resolutions require time, strategy, and a lot of expertise. Therefore, it is perfectly fine if you don’t have the inherent knowledge to know exactly how to best budget and plan for the future.  

This is why when it comes to wealth management and planning, your safest and smartest move is to find expert assistance to plot your next moves. 

Start the New Year with Financial Success  

Saddock Wealth can help you create and achieve your New Year’s resolutions in whatever form they take. Whether you want to start concentrating on your retirement, start investing or take stock of your current investment portfolio, or simply have the resources available to handle an emergency for ample peace of mind, we are here to help. 

Contact us today for a complimentary consultation. Find out how we can work together to plan for 2023 and beyond. With an expert wealth management team in your corner, you’ll have the resources required and then some to map out the best financial goals possible.  

Saddock Wealth