As we start a new decade in the new year, below are a few simple ideas to give your financial life a head start.
Reassess Your Goals – Reassessing your financial goals each year is a great way to set yourself and your family up for success, and it doesn’t have to be a painful process. Maybe you’d like to buy a house, pay off debt, switch careers, or start saving for a college fund; no matter your goals, set time to go on a “money date”. If you have a partner, pick a spot where you can freely discuss your financial picture and goals. This is a fun way to talk about your aspirations for the year, while also creating space to work towards them together.
If you’re figuring this out on your own, do the same thing with yourself. Find a cool coffee shop, where you can really reflect on your financial goals for the year and then write them down. Solidifying your goals on paper can help you stay accountable.
Try the B-Word – Similar to our waistlines, after the holidays we sometimes need a “money reset”. Setting up a new budget can be a great way to hit the reset button. Fair warning, starting a budget can be just as hard as sticking to one. However, the benefits and freedom of guilt-free spending while saving are well worth the effort. Plus, it helps keep you on track to reach your goals.
Learn Something New – Set a goal to learn at least one new thing you didn’t know about your financial life. Maybe it’s learning how your credit card interest is calculated, or how your social security benefits may be taxed, or the benefit of investing in a Roth IRA. No matter what you choose to learn, we all make our best decisions when we’re well informed; choose to tackle something new.
Reach out to your Relationship Manager at The Trust Company, to learn more about what you can do to set yourself up for success in 2020.