With a new year brings new resolutions, goals and challenges to tackle. As you think about what you want to accomplish this year, don’t forget to reevaluate your financial plan.

New Year. New Financial Plan

Reset your budget

First things first, establish how much money is coming in and how much is going out for fixed expenses. Also check where else you are spending your cash and see if you can cutback, reallocate or start saving.

Know your benefits

A new calendar year usually means your health benefits start over. Be sure you know if your plan year has restarted and what your benefits are. You should also check if you have any remaining benefits, such as a flexible spending account can be used until mid-March.

Establish goals

As you reset your finances, now is a great time to establish a new financial goal like saving for a house or creating a wealth transfer plan. Use your new budget to look and see where you can grow or save. Lean on the advice of your financial team and ask how you can reach your new goal.

Start saving

Now is a great time to check in on your retirement plan or to establish a retirement plan if you don’t have one. You might also want to consider saving for a large purchase or create a savings plan for your child or grandchild’s higher education.

Use the cozy winter months to evaluate your finances and start the new year on a strong financial footing.

This content is informational only and does not constitute financial, legal or tax advice. It is best to consult your own advisor who knows your specific situation and can advise you accordingly.


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