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 What New Year’s Resolutions and Financial Planning Have in Common Thumbnail

What New Year’s Resolutions and Financial Planning Have in Common

While some might find it silly, I really enjoy sitting down and thinking about my “Resolutions.”  It is a healthy way that I take stock in my life to evaluate what is working and what I would like to improve upon.

Personally, I break my “Resolutions” into 4 categories (Spiritual – Family – Health – Financial).

Let me give you some ideas to think through when it comes to your “Financial Resolutions.”

Am I prepared if something bad happens to me?

  • Life Insurance: Do I have the right type and the right amount?
  • Disability Insurance: What if I can no longer work, where does my income come from?
  • Long Term Care Insurance: Am I covered if I have a catastrophic medical need?
  • Estate Planning Documents: Do they need to be updated? What happens if I can’t make my own decisions? Etc...

What is keeping me from saving/ giving more?

  • Evaluate ALL debt: Do I need to refinance? Do I need help making a game plan to eliminate debt (I would encourage you to search for Dave Ramsey:  Debt Snowball).
  • Budget: If budgets haven’t worked for you in the past, have you thought about switching to a weekly budget?  Try to stay on track every week.

Am I on Track?

  • How much do you need to be saving every month or every paycheck to live the life that you desire? Do you know or are you just saving a fixed percentage of your paycheck hoping that it is all going to work out?
  • Make a list of the events that you are saving for. Write down the year you anticipate needing the money.  Write down how much you currently have saved.  Write down how much you need to save to reach that goal.























As a CERTIFIED FINANCIAL PLANNER™, I love building financial plans for clients and prospects.  I think this is a wonderful time of year to take stock of everything in your life and to build a comprehensive plan that considers not just your current financial well-being, but also encourages strides in your overall well-being.

I’d love to hear what your New Year’s Resolutions will be in 2020. Feel free to drop me a line.



Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.

Securities offered through LPL Financial.  Member FINRA/SIPC.  Investment advice offered through Independent Advisor Alliance, a registered investment advisor.  Independent Advisor Alliance and Know My Plan are separate entities from LPL Financial.

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