Click here to learn more about our financial professionals by visiting FINRA's BrokerCheck.

4 Financial Tips For The New Year

| January 18, 2023
Share |

With the hustle and bustle of the holidays behind us, it’s a great time to mention that January is Financial Wellness Month. Consider it a reminder to prioritize and pay closer attention to your financial health and finances for the new year (and beyond). 

Financial wellness encompasses many things, the most obvious of which is your relationship with money. In addition, financial health plays a pivotal role in your ability to limit stress (what’s more stressful than money, right?), envision a comfortable future, plan for your legacy, and so much more. 

Considering observing Financial Wellness Month by undertaking one or more of the following activities:

1. Review Your Credit Reports. Your credit score depicts your creditworthiness and is a critical component in how companies view you as a loan risk (or not). Read through the report from each of the three companies (Equifax, Experian, and TransUnion) to make sure the reports are accurate and ensure that there are no erroneous accounts.

2. Review Your Social Security Statement. While they used to be mailed as a hard copies, you can now visit ssa.gov and review your most recent statement. If you haven’t already, you will need to create a username and security password to access their secure website.

3. Get a Handle on Your Spending. Write down or compile all of your recurring monthly expenses (both fixed and flexible). Compare that to the income you receive each month. If you have extra monthly income, make sure that money is being thoughtfully applied to the proper areas. Otherwise, make adjustments if you are not living within your means.

4. Update or Create a Dream Board. Dreams turn into goals when they’re written down and the adage “a picture is worth a thousand words” rings true. Visual aids can reinforce our “WHY” and help keep us focused on what’s most important each day.

Financial Wellness Month is an opportune time for us to face our financial condition head-on and prioritize fixing any deficiencies. It’s a reminder to maintain financial stability and forward progress. Our Advisory Team loves being able to help our clients feel better about their financial health. If you have questions or concerns, call or email to set up a meeting. Happy New Year!

Share |