Here we are… 2015.
A whole new year!
Ringing in a new year generally fosters ideas of new beginnings and goals. What do you want to change, adjust, do more of, accomplish? We all begin to evaluate where we stand and how we may want to change. The hardest part is: sticking to the new plan. Have you heard of the term regular gym-goers use, “Januaries?” This refers to the high influx of people who sign up and commit to a healthier lifestyle. By March, the treadmills tend to calm down and the regulars have their space back.
So, why does this happen?
Oftentimes, we make our goals so lofty, huge, and occasionally vague. Just like financial planning, it helps to get specific. Instead of committing to “get in shape,” make a goal to take the stairs to your office every day for a month. Specific and measurable are the key. As you’re starting a new year, we have three money resolutions you can complete now and be better off. You don’t have to wait 11 more months to feel like you have accomplished a goal, you can start now.
1. Know where you stand
Calculate your net worth. Add up all of you assets and subtract your debts. This number will explain where you stand financially. Each year you can take note of this number and see if it is increasing in a way that will meet your retirement goals.
2. Audit your emergency savings
Check out your savings account. Does this account have 3-6 months of living expenses? If not, you can start a systematic transfer into your account to make sure you’re safe in an emergency.
3. Take our Money Mindset Quiz
The new year is a perfect time to assess why you make your money choices. You can evaluate your money mindset and see if you’d like to make any adjustments in the new year.
Voilà! Just like that, twenty minutes invested and you’re already three steps ahead for your financial and retirement planning in the new year.
Which money resolution did you find most helpful? What are your New Year’s resolutions this year?