7 Tips to Refresh your 2015 Financial Resolutions

Most of us started the New Year with aspirations to get our financial house in order. As we turn the corner and head into the holiday season, it is a good time to take a look at the goals we set out to achieve at the beginning of the year and look at what we have actually accomplished. By taking stock of your accomplishments and knowing where you are financially, you can go into the holiday season knowing what you should or shouldn’t spend on holiday gifts and celebrations.

To do that, we have 7 tips to help you take stock of your finances.

1. Start with a review of your goals. Compare where you are today with what you set out to achieve with your 2015 Resolutions. If you do not have your financial goals in writing, make this your number one resolution for 2016.

2. Were you able to pay-off any outstanding credit card balances, student loan balances, or make progress on reducing debt in general? If not, be careful to not pull out the plastic to make merry this holiday season. Opt for simple, creative, less expensive ways to accomplish your gift giving. This will make you happier come January 2016 when it is time to forge ahead with your robust savings and investing goals without the holiday hangover of credit card debt.

3. Review your asset allocation to assess whether you are properly diversified and taking appropriate risks with your investment assets.

4. Get organized. Organize all of your important papers such as insurance documents and investment statements. Go into the holiday season with a clean desk and orderly files. This will help when year-end tax documents start pouring in next year. Our clients appreciate using our financial organizer, a three-ring binder that makes getting all of your plans, statements, policies and estate documents in order.

5. Review your life insurance, auto, home, and umbrella policies. Does the coverage you have seem adequate given any changes in life circumstances that occurred this year? Or, do you have that nagging feeling that you should have more coverage? Get in touch with us and we can help you evaluate your existing coverages.

6. There is still time to open a self-directed IRA for yourself or your spouse or to take advantage of over age 50 catch-up provisions if you are not participating in a company sponsored retirement plan.

7. Evaluate creating a systematic investment in a non-retirement investment account for pre-59-1/2 savings goals. Many times we are so focused on saving for retirement we forget to save for shorter-term, pre-retirement goals.

Now is a great time to take stock and be thankful for all that is going well in your life. Get in touch with us if you would like to review your progress this year. We are here as your partner to develop an approach to help make your dreams a reality.