Financial Goals to Consider for the New Year
Have you decided on your financial goals yet?
If not, it’s not too late! Here are a few suggestions:
1. Tighten up your spending and increase your savings.
Even Jeff Bezos, of Amazon, which has made spending super convenient with a click, was quoted as saying, “’Hold onto your money’. He says you might want to rethink buying a ‘new automobile, refrigerator, or whatever’“.
So every time you are tempted to go shopping, redirect yourself and remember your financial goals. If the item you are thinking of buying is not going to contribute towards your future and goals, click out of that shopping cart pronto! Instead of occupying extra time with shopping, try tip #5 instead.
2. Retirement
Saving for retirement is a must, and the earlier you start, the longer time you have for it to compound in interest.
Think about when, where, and who you will retire with. If you do not have a clear vision of something like retirement, it’s very difficult to plan. But if you know how much you will need every month to live, you will know how much retirement income you need to save.
If you are currently saving 10% for retirement, see if you can increase it to 15%. If not, it’s okay, just stay on track with your savings and reevaluate after 6 months or a year to see if you can realistically bump up your retirement savings.
3. Pay off debt
No, you do not have to pay off debt first before saving for retirement. That is a common misconception. While paying off debt is recommended, it doesn’t have to be all or nothing.
Remember the concept of paying yourself first. Your saving, is you paying yourself first. Take a portion of your income for retirement savings and pay the debt every month.
4. Check off insurance coverages
Do you have life insurance, disability insurance and long-term care insurance in place? These will protect you and your family if something happens to you. This is also a good time to check that your family members are also covered. Schedule a meeting with me, your insurance advisor to get this taken care of.
5. Increase your financial knowledge
Read books about financial topics that you think will help you this year. Your biggest investment is you, and with more knowledge, you can achieve more. Here are a few that I’d recommend: (Hint: frugal living is in!)
The New Rules of Retirement Saving
If you haven’t downloaded this Financial Fitness workbook, I encourage you to do so. It will help you assess your needs and if you are interested in a personalized financial strategy recommendation, please contact me or schedule a meeting at the button below.
Improve Your Financial Fitness With These Tips
Before I go, I want to share a few things I’ve been busy with recently:
- I have been gathering resources for you on my Pinterest page. Please do check it out and I think you will find lots of helpful information.
- Check out our blogs, free ebooks and the Women, Money, and Energy of Life book. These will inspire and arm you in your financial journey.
- I have been doing Q and A where you can Ask Me Anything and I answer in a short video. Check out the videos here. And if you’d like to ask me a question, send it here.
Sheilla Vidal is a Retirement Income Certified Professional RICP® and life insurance broker. Sheilla is also a physical therapist, wife, mother of two, and one of the caregivers for her 85-year-old father. She is an avid learner. She writes, speaks, and recognizes that her work in helping clients live with dignity is her God-given mission.
