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Cleaning Up Your Financial Plan for the New Year

December 03, 2021
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There is never a bad time to make an effort to organize your financial plan, but around the new year is an extremely common place for people to start. Whether you are making your New Year’s resolutions financially themed or you would just like to use this as an opportunity to get more organized, you’re in the right place! We’re passionate about helping people set up a solid financial plan at any time of year, so read on for our top tips.

Organizing Your Financial Plan to Start the Year Off Right

Consider What Your Financial Goals Are

As with anything in life, thinking about your goals in advance is a must for setting up the foundation of your financial plan. Finances are as varied as people themselves, which is why it is so important to create customized goals for yourself instead of following boilerplate advice, especially from entertainers or non-licensed pundits. Some common goals include saving more money, beginning or diversifying investments, paying down debt, or setting up a trust or estate plan for loved ones. Knowing what your aims are for the year can help you make smart decisions about your finances from day one, so give this one some thought.


Make Sure You’re Protected Against Financial Risks

Unfortunately, we have learned all too well in recent years that risks can come out of nowhere. While we can never stop the unexpected from happening, a strong financial plan will ensure that you are as protected as possible against whatever life might throw your way. Some events are positive, but often they may lead to large cash casualties. Building an emergency fund is the best place to start, but if you have already done that, it’s time to dig a bit deeper to protect yourself. Simple things such as investing in life insurance or long-term care, setting up credit monitoring to protect against fraud, and ensuring that your income is protected with proper disability insurance coverage if you are suddenly unable to work can give you great peace of mind and protect your finances from risks.


Have a Plan for Repaying Debt

If you have high-interest personal loans or other types of debts that feel insurmountable, this one is extremely important. Even if you’re repaying loans regularly, high interest rates can make it feel like you’ll never get ahead—so having a plan is a must! Take a look at your current loans and determine which ones should be repaid the fastest. This can save you on interest in the long run and help you get out of debt much faster than an unstructured strategy.


Bring in the Professionals

If you’re ready to get serious about your financial planning efforts, meeting with a financial advisor is a good way to get started. The world of investments, savings, and planning can feel overwhelming, so finding an advisor that you are compatible with can help you understand exactly what your money is doing and make the most of the effort you put into investing.


If you’re ready to get your financial plan organized, we would love to help! We can assist with all the elements of your portfolio so you can be certain you’re protected and making the most of your money. Contact us today to learn more.