The start of a new year is a great time to set yourself up with a plan that can help you achieve your goals for the year ahead. If your new year’s resolution includes organizing your finances to better your financial health, here are a few tips to help you get started.
Evaluate Your Budget
To get a better idea of where your money is going, take a look at your budget. Is it where you want it to be? If you’ve followed the same budget for a couple of years, does it still reflect your current income? If not, you may need to reassess your spending and saving habits. By having a budget and sticking to it, you’ll get a better sense as to how on track you are to achieving your financial goals.
Pay Yourself First
It’s easy to get caught up in trying to pay down debt and paying all the necessary bills, but don’t forget to also take care of yourself. Be sure to allocate some of your money towards retirement and an emergency fund. (Tip: Set up an automatic plan to regularly deposit specific amounts toward those accounts so you don’t forget.)
Prepare for the Unexpected
To help your loved ones in the event of your death or disability, it’s recommended to keep a detailed list of where you store your important records and papers and who your primary advisors and contacts are. Keep this list with your other important documents, and make sure a trusted family member knows where it is, or provide a copy to a family member, your executor, and/or your attorney. Remember to update your list at least once a year to ensure its accuracy. If you’re not sure where to start, you can use our Personal Document Locator template.
Talk to a Financial Advisor
Speaking to a financial advisor can help address concerns regarding budgets, insurance needs, investment plans, estate plans, and retirement plans. Every plan should be unique to each individual, which is why the professionals at First Mid Wealth Management take the time to understand what’s important to you. To schedule a complimentary consultation, contact one of our First Mid Wealth Management professionals.
Securities offered through Raymond James Financial Services, Inc., member FINRA SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. First Mid Bank & Trust and First Mid Wealth Management are not registered broker/dealers, and are independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc.
