Take time to plan for your individual financial success

     The holiday season is over and after over spending it is not a wonder many New Year's resolutions involve finances. Resolutions are good, but without a solid plan, they can be hard to maintain much like staying on that new diet is! 
     Yes the start of a new year is the perfect time to take a fresh look at your financial planning. First and foremost it is important to have a clear picture of where you are right now. Start with the simple facts which include income, expenses, debts, assets and investments. Track your spending for a couple of months to give you a clear idea as to those small purchases you might be making that could be taking a bite out of your bank account without you even realizing or better yet remembering. Use one of the many free apps on the market like Spending Tracker or Mint that will track your spending and give you a weekly report. 
     Then ask yourself where you want to be in the future. Do you have a retirement plan in place? Have you started saving for your kids future education needs? Do you have a form of disability insurance to protect your most important asset, your income? Do you have adequate life insurance to cover your mortgage, your debts and final expenses? Do you want to support a local charity? Do you want to travel? All of these questions and more should be the foundation for your plan. Some of these are not easy topics to think about and that is why it can help to have a trusted Financial Advisor to discuss your options with. Search for someone you feel comfortable with, who will respect your values, your wishes and your risk preference and together map out a plan that reflects your goals. 
     Once you have a plan you need to develop a budget and most important you need to stick to it! Part of your budget should be focused on getting out of debt. It is always a good idea to pay off the most expensive debt which in most cases is the credit card with the highest interest rate. A budget isn't just about spending it's also about saving and if you save for something specific it feels more rewarding and is much easier to stay motivated. A great way of saving is to use a Tax Free Savings Account. Don't have one yet then make this the year you open one! Set up an automatic transfer directly from your bank account then you will be less tempted to use the money for something else. 
     Remember if you want a fatter wallet and more peace of mind this year then contact me today and lets make those money resolutions a reality! Healthier finances can also lead to a healthier lifestyle so you might be able to take care of two resolutions at the same time.