NEW YEAR'S RESOLUTIONS

Did you set FINANCIAL resolutions?

60% of Americans set New Year’s resolutions.  Things like going to the gym, being a better person, or trying something new; however, only about 8% of individuals achieve them (kudos if you achieved yours).

Though many resolutions may be broken, here are a few we feel you can set AND achieve:

1. Create a budget – Set a budget with your spouse or significant other to determine how much you spend each month and how much you can save each month.
2. Begin saving, or save more – If you aren’t saving, start now! If you are saving, see if you can save more, even if just another $10.  The more you save, the sooner you can retire and the more you can spend once you retire.
3. Review your retirement plan – Your retirement plan may be different now than it once was. Investment changes may be needed, and your goals may have changed.  Other retirement plan changes may include assessing life insurance, wills, and beneficiary designations.
4. Pay down debt – Nearly everyone has debt at some point in their lives for homes, vehicles, etc. A fair resolution is to reduce debt over time.  Strive to pay down as much debt as possible to become debt-free before retirement.
5. Contact your financial advisor – Your advisor should help “connect the dots” of your investments and finances. Advisors are there for a reason – to advise – so lean on your advisor to help build a strategy and accomplish your resolutions.

The best goals are often difficult to hit, but start with one then move to the next.  You might find you can achieve more than you thought.  Contact RK with any questions.  We’re here to help you meet your financial resolutions in 2021 and the years to come.

Nathan Woods, CFP® AIF® is a Senior Advisor with Rather & Kittrell.

Source: Inc.com; Investopedia; The Balance