Financial wellness is so much more than being able to pay your bills on time. It’s whether you’re in control of your financial destiny and feel good about your overall situation. To start a brand new year with an improved financial well-being, it helps to get a bit of leg work done now. We all know the craziness of the holiday season can push everything else to the backburner. Why not go ahead and check these items off your to-do list? Then you’ll be ready to take January on with confidence.
Here are five ways to up your financial wellness game before year end:
- Assess how your life changed: Any significant life events happen? If you’re like us, every year seems to bring big change right along with it. Major life events – getting married or divorced, starting a family, buying or selling a house, a death of a loved one, a career shift – can influence your finances for years to come. If you were wrapped up in a big life moment for a while, it’s completely understandable. Take a step back now. Reevaluate your financial picture to see if it is in line with what you aim to accomplish in the New Year.
- Check in with your financial advisor: Even if your personal finances are humming along just fine, it’s a good idea to check in with your financial advisor before year-end. Getting on the same page with your advisor on a regular basis is always beneficial. This is especially important if your financial plan has aged. A financial plan should evolve right along with you. If it needs some touching up, go ahead and get it taken care of.
- Sock away for the future: We’re talking retirement savings, HSA contributions, 529 plan contributions, emergency funds. Many people steadily contribute to these savings buckets as the months go by, but things happen. If time has gotten away from you, make sure you get these savings opportunities done. Being responsible and disciplined about putting your money aside makes a huge difference. While you’re at it, set up automated deposits for next year so you don’t even have to think about it. Small changes over a long period of time have a profound impact on you successfully achieving your financial goals.
- Donate to charity: It’s the season of giving after all. Donating funds is a great idea any time of year. If you haven’t already given to a local, national, or international non-profit, do a little something before the holiday season shopping gets out of hand. Even a small amount can change the lives of others in your community. Feel good about yourself by giving some of your hard earned money to a worthy cause.
- Set your sights on the year to come: Now that all the other tasks are out of the way, start dreaming about next year. How will you do things differently? What financial changes do you want to make? What do you want to keep the same? What are you looking to accomplish next year? Sit down with your loved ones and come up with a game plan. Dream big! Who knows what could be in store?
Take the financial lessons you’ve learned this year and run with them. You’re ready and able to take on what’s coming around the corner. If we can be any help as you plot your path, reach out anytime to schedule a free introductory appointment. Best of luck!