Many people will spend the early days of 2018 mapping out their resolutions, both large and small. Weight loss, more family time, new job opportunities, and financial resolutions frequently top these lists, providing a bit of motivation as we welcome a new year.
For many, financial resolutions are the most important yet the most misunderstood goals of all. Managing your money is no small feat, and can result in feelings of hopelessness or confusion if not handled correctly. In order to ensure that your resolutions stick until December, try a few of the following tips:
Clearly define your goals.
It’s easy to announce that you want to become more aware of your finances and save for long-term purchases. However, it is far better to specifically state what it is you’re hoping to achieve so that you may map out realistic and attainable steps to get there.
Be honest with yourself and/or your financial advisor.
In keeping with #1, it’s always best to be realistic from the beginning so that you may have an accurate read on your financial standing and what can be achieved. A financial planner can help you take an honest, judgment-free look at your finances and make sure that your plans and ideas are doable, so that you’re not planning for huge changes and disappointed if and when they don’t come to fruition.
Outline all of your sources of debt and credit and work from there.
Again, it’s far better to lay everything out before making any plans that may not work out. We suggest listing all the debts associated with loans, credit cards, mortgages, and more. Additionally, make a list of all the credit, assets, and cash flow you have currently. Don’t neglect to add any accounts, no matter how overdue they may be. By making a simple list or spreadsheet, you’ll be able to physically look at everything at once and make a plan from there.
Meet with a financial professional.
Financial planning and all that goes along with it can be difficult to understand for people not trained in money matters. If you’re looking to make a lasting impact on your financial standing, consider meeting with the professionals at Financial Consulting Group. We can work with you to assess your credit, risks, monthly expenditures and more.