Regardless of whether you’ve started to put a dedicated financial plan into place or not, it’s possible to get on track with this at virtually any age while you and your spouse are still earning an income. Below are a few financial New Year’s resolutions that you should consider making – and sticking to – when 2021 rolls around.
Set up an Appointment with a Financial Planner
If you’ve never worked with a financial planner yet, enlisting the help of one who is reputable should be your first priority as soon as the New Year starts – the sooner you can make that first appointment and keep it, the better.
Getting your financial affairs in order can be daunting, especially if you have no idea where to start. You’ll need the services of a professional, especially where taxes, investing and other forms of saving are concerned. While it may seem like an unnecessary expense at first, you’ll certainly be glad you hired a professional – especially if you’ve never dealt with these aspects before.
Set Up Retirement Savings Accounts
If you don’t have an IRA or 401(k) set up with your employer, now is the time to gather everything you’ll need to do so – your financial planner will be more than happy to assist you here.
A 401(k) and/or IRA are among the best and easiest ways to start saving for your retirement, and the sooner these are set up, the better. Keep in mind that contributions to these accounts are pre-tax, so you probably won’t notice the small deduction being made from your wages at the time. However, you’ll certainly notice the lump sum of money that has accumulated by the time you’re ready to retire though.
Pay Debts Off
One of your ultimate goals should be to remain free from consumer debt as far as possible.
Many individuals don’t prioritize repaying consumer debts because they think they’ll still have a good few years left to do so. However, the quicker consumer debts are repaid, the more money you’ll save on interest and finance charges as the years go by – money that can rather be put into some form of savings instead.
Look for Ways to Save Extra Cash
After setting up retirement, savings and/or investment accounts, many individuals quickly discover that they aren’t setting aside as much money as they’d hoped. If you find that this applies to you, it’s time to start looking for practical ways to trim your budget or increase your income as soon as possible.
Some options for cutting spending can include switching to more affordable internet service providers, cell service companies and even eliminating physical newspaper subscription services – many news sites offer greatly reduced options for viewing their content online instead.
While everyone dreams of becoming financially secure, this will only happen if you take the necessary steps to start saving and investing as soon as possible. If you’d like to learn more about making your money work for you, contact us today.Continue reading