If you’ve made a New Year’s resolution, I have some bad news: You are likely going to fail.
Research indicates that only about half of New Year’s resolutions make it to Groundhog’s Day and even fewer make it to Spring.
And beside that resolution to lose weight or head to the gym, the most popular New Year’s Resolution always has to do with money.
And, let’s be honest, when it comes to changing your habits around money, a New Year’s resolution isn’t enough. After the year we’ve just had – packed with inflation, expensive housing projects, family travel, and perhaps some job changes - a resolution about saving more and spending less is just a hapless wish.
But I have some good news: I love helping to refocus people back to the plan. Most of you have a sound financial strategy, and I’m here to help remind you that together we can make it work.
Whether we’ve known each other for two decades or two minutes, I know that planning and budgeting can feel overwhelming. So, let’s attack this one step at a time. We always begin by identifying (or reminding each other) of your long-term goals and then follow a strategic plan to pursue those goals.
I always tell people, building a great financial plan is like running a marathon. If you stay on pace, you shouldn’t need to run your 25th mile any differently than your first mile and vice versa.
Next, reexamine your budgeting. The holidays can really screw up your savings. Plus, there are a lot of worries about inflation. This is a good time to look at all of your costs. Inflation has been running at 2% to 3%, but recent numbers are higher. Also, all inflation is not created equal and may disproportionately impact education and medical costs.
New Year’s resolutions may not last, but a slow and steady approach to financial planning – and a financial advisor by your side is always a solid strategy.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Integrated Financial Partners, a registered investment advisor and separate entity from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.