3 Tips for Financial Health for the New Year

A recent Northwestern Mutual survey found that 41% of Americans are stressed about retirement planning, and 46% worry about outliving their savings.^[1] And with 62% of Americans stressed about money in general^[2], it’s surprising that only 28% of Americans will actually make New Year’s resolutions that are financial in nature, according to a MassMutual survey^[3]. There’s no better time than New Year’s to review your current situation and make resolutions. So, if you’re feeling anxious, angry, or fatigued due to your money-related stresses, then you might want to try our 3 tips to help you be financially healthy in the New Year.

Establish a List of Goals.

It’s easy to get caught up in the day-to-day and forget about long-term goals. But, with the New Year comes new opportunity. Try revising your list from last year when adding in new goals. Separate them by short (1-2 years), mid (2-5 years), and long-term goals (5+ years). While “having a comfortable retirement” is a good long-term goal, you should try to create short and mid-term objectives that are more tangible and attainable to help you stay on-track and achieve your long-term goal.

Get Organized with a Budget.

Setting budgets is one of the most effective ways to get your spending habits under control. However, lifestyle habits and certain psychological instincts make it difficult for people to stay on-track when it comes to their budget. Often when people try to budget, they are bombarded with a pile of bills and unexpected expenditures, thus putting them right back to where they started. Many people don’t realize that there are retirement costs to watch out for and can be surprised after they’ve stopped getting a paycheck. Ultimately, creating an explicit budget before and in retirement can make it easier to get finances in order.

Make an Appointment with a Trusted Financial Professional.

Writing down your goals and creating a budget is a good place to start, but sometimes extra guidance can help when creating a financial plan. We start all of our relationships with a complimentary, no-obligation, in-person financial review at APO Financial. We start with this meeting because we still believe in the power of sitting face-to-face when discussing something as important as your life savings. We want to know the person behind the numbers and understand what’s important to them before designing a personalized plan to help them achieve their goals.  And while we use every bit of technology to stay ahead of the curve, we stay rooted in tradition when it comes to the clients we serve. If it’s been a while since your last review, then CLICK HERE to request your complimentary, no-obligation review.  Our mission remains to help you achieve your retirement goals without taking on any unnecessary risk.