We would like to take a moment to wish you a happy, healthy, and prosperous New Year! As we look to the year ahead, many of us make resolutions to accomplish objectives that are important to us, our families, and futures. Why not resolve to plan for a better, financially secure retirement, or make sure that you and your family are properly protected in the event of an unexpected health emergency?
Studies show three of the top New Year financial resolutions are saving more for retirement, paying off debt, and spending less.
Spending less can be a challenge, but creating a budget to follow throughout the year can help. Review your essential and discretionary monthly expenses to see what you can reduce or eliminate. This will make more funds available to save, as well as help you control debt so you have less to pay off.
Paying off debt is an even bigger challenge for most so making a resolution may help you commit to this objective. Review credit card interest rates and consolidate debt to help you make a plan to pay it down. Once your balances are gone, you can allocate more towards other financial resolutions, or you can use some of that surplus toward things you enjoy (but make sure not to charge more than you can afford to pay off at the end of the month).
Other financial resolutions may include saving for college or building an emergency fund. Through a comprehensive financial review, we can help you identify the areas you may need to change or improve. From there, you can implement a plan to stay committed to your resolutions and accomplish your goals.
Happy New Year from the team at Bush Wealth Management.