New Year, New Financial Goals
As we look to a new year ahead, many of us reflect on our accomplishments from the current year. Your financial plan isn’t immune to such reflection and now is a great time to review your plan and set new goals for the future.
By reviewing your financial plan at the end of each year, you’ll see if you’re on track to meet your goals and how your current financial situation will impact your tax filing. This will allow you to make strategic decisions for the future, such as contributing more to retirement accounts, gifting to family or charities, opening education savings accounts, adjusting your healthcare enrollment and more.
How to Review Your Financial Plan Each Year
First off, if you don’t have a financial plan, now is a great time to put one in place! According to Gallup, only 30% of Americans have a long-term financial plan. If you’re not sure where to get started, meeting with a financial advisor is a great first step. You can also take FNBO’s Financial Journey questionnaire—after answering a few short questions we’ll provide you with a free personalized report to help you determine your goals.
If you already have a financial plan—that’s great! When you review it annually, it’s key to remember that each part of your plan can impact another. Here are a few key elements that should be included in your financial plan and reviewed each year:
Setting Realistic Financial Goals
Many of us look forward to the new year with aspirations in mind. You may want to travel more, grow your family, remodel your home or invest in your child’s education. No matter what you want to achieve, it’s important to set realistic goals and include them in your financial plan.
As with any goal, it’s key to remember that things take time to accomplish. Start small and be patient as you progress. For example, setting a goal of growing your savings account from $100 to $100,000 in a year may not be realistic. However, having a goal to set aside a certain amount of each paycheck into your savings account is realistic and you will see your progress. Your financial advisor can help you set goals that are realistic and give you suggestions for how to best get there.
How a Financial Advisor Can Help
Meeting with a professional at least annually is a great way to gauge if you’re on track to meet your goals. An advisor has the knowledge and resources to help you holistically review your financial plan and set new goals based on what you hope to achieve. Another bonus is that an advisor can help keep track of your progress for you!
FNBO is here to help whether you’re putting together new financial goals or ready to meet with an advisor. Take our financial journey questionnaire to be provided with a personalized financial report or find an advisor today.
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