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Financial Resolutions for the New Year

Christopher A Wysong, CFP®

Jan 1, 2023

With the New Year now in full swing, you may be looking for ways to tighten up your finances – especially if you overspent or simply have spending fatigue following the busy holiday season. The good news is that even small actions can make a big difference. Here are some simple steps to help you recover from the holiday frenzy and confidently take control of your finances in 2023.

Financial Resolutions for the New Year

 

With the New Year now in full swing, you may be looking for ways to tighten up your finances – especially if you overspent or simply have spending fatigue following the busy holiday season. The good news is that even small actions can make a big difference. Here are some simple steps to help you recover from the holiday frenzy and confidently take control of your finances in 2023.

 

Examine your spending history. You can only make meaningful changes to your spending habits when you have an accurate view of them. Look back several months to generate a list of your typical monthly expenditures. Then divide those items into two lists. The first list will include “needs”— things like rent, mortgage payments, utilities, transportation, and food. The second list should include “wants” — what you like to spend money on but can live without.

 

Tally savings activities. How much are you saving each month? Be sure to include automated retirement savings contributions and your employer match, if applicable. Financial experts recommend building an emergency fund equivalent to six months of income before funding long-term goals.

 

Factor in credit card debt. How much do you owe? High-interest debt can impair your financial well-being. Plan to pay down high-interest credit card balances as quickly as possible. Put a halt to credit card spending, which should be reserved for emergencies unless you are already in the habit of paying these bills in full every month (and thereby avoiding interest payments).

 

Apply the 50-30-20 rule. Check to see if your spending aligns with the guideline of 50 percent for needs, 30 percent for wants, and 20 percent toward saving and paying off debts. What areas are bloated? Where can you rein in spending? How can you build your nest egg?

 

Set attainable goals. Small changes in spending can add up over time. Look for opportunities to make manageable changes. Can you cut back on splurge purchases and eating out? Prioritize your travel wish list and go to places you can most afford? List your ideas and post them on the refrigerator or mirror to keep them top of mind.

 

Visualize your success. Create a “mood board” with photos or sketches of what your life will be like as you achieve your financial goals. This activity can help you associate positive feelings with the new behaviors you need to adopt to reach your financial goals.

 

Use an app. It’s never been easier to track your spending automatically. Your banking institution may already offer an app that can show you where your money is going each month – and help you identify areas where you could cut back or reallocate funds.

 

Tap an expert. There’s an endless supply of financial information available online, but not all advice is created equal. To ensure you’re getting guidance that’s appropriately tailored to your unique situation, consider meeting with a financial advisor. An experienced investment professional who understands your current circumstances and your goals for the future can help you take control of your finances and come out stronger than ever in the New Year.


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Christopher A Wysong, CFP®, APMA® is a Financial Advisor and Practice Manager with Childress and Associates, a financial advisory practice of Ameriprise Financial Services, LLC. in Centerville, Ohio.  He specializes in fee-based financial planning and asset management strategies and has been in practice for 16 years. To contact him please call 937-247-4565, or mail at 60 Rhoads Center Drive, Suite C Centerville Ohio 45458.  Christopher A Wysong, Financial Advisor in Centerville, OH


http://ameripriseadvisors.com/christopher.wysong

 

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP certification mark (with plaque design) in the U.S.

 

This information is being provided only as a general source of information and is not a solicitation to buy or sell any securities, accounts or strategies mentioned.  The information is not intended to be used as the sole basis for investment decisions, nor should it be construed as a recommendation or advice designed to meet the particular needs of an individual investor.  Please seek the advice of a financial advisor regarding your particular financial situation. 

 

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.  

  

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.  

  

Ameriprise Financial Services, LLC. Member FINRA and SIPC.  

  

© 2023 Ameriprise Financial, Inc. All rights reserved.    

 


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