January is National Financial Wellness Month. Take some time this month to sit back after the holiday craziness and do a check-up on your finances. It is important to set some achievable financial goals for the new year, and it is also a good idea to prepare for unplanned future expenses. Don’t know what goal to set? Don’t worry! We put together a list of 5 financial goals for our clients to choose from.
- Find professionals that you trust with your finances: This can include attorneys, financial advisors, and accountants. It is important to have people that you trust when you are discussing legal and financial matters and making decisions that could deeply affect you and your family.
- Keep records: It is a good practice to keep track of and monitor any changes in financial statements, sources of income, tax returns, and expenses. We recommend keeping a spreadsheet for easy updating.
- Keep track of and review your credit reports: Be sure to use your credit wisely and keep track of your expenses. Be careful to not abuse your credit and pay it off on time. We recommend sticking to a realistic monthly limit to ensure good credit.
- Save for retirement: Even if you believe it may be too early, making small contributions towards your retirement has the potential to grow over time. Taking advantage of 401(k) plans and anything else offered through your employer could help ensure future security.
- Prepare for financial emergencies: Keeping a savings account or putting aside emergency money is a good idea to create a safety net in case unexpected expenses come up. Another way to prepare for emergencies is to create an estate plan. This will ensure your family is taken care of the way you wish if you can no longer care for them.
Looking to plan? Give us a call to learn more about future financial security for you and your family through establishing an Estate Plan.
