New Year's Resolution for Your Finances
- December 23, 2019
Five Things You Can Do in 2020
It’s the most wonderful time of the year; giving gifts, celebrating the holidays, spending time with family, traveling, and eating lots. With the New Year around the corner, it is a great time to create financial resolutions that may help you achieve your goals in 2020.
While everyone has their own resolutions, here are some to consider adding to your list:
Debt may be hurting your financial health. Review your liabilities and create a plan to minimize debt in the next year. Try to pay off the liabilities with the highest interests rates first to accrue less in the upcoming year. Paying off debt sooner than later can help and take a weight off of your shoulders – you will feel so much lighter.
There are many deadlines when it comes to planning the longevity of your finances. For example, the deadline to contribute the maximum to your 401(k) is December 31st while FSA and HSA Accounts also have respective deadlines for making contributions and spending the unused funds in the account. Don’t leave any money on the table by meeting deadlines and planning ahead.
Whether it is contributing to your 401(k) or opening an IRA account, saving for the future requires long term management and planning. Each individual will require a different amount of money they need to save for retirement as well as different timelines. Dedicating time now will make for a successful retirement.
For those already retired, taking time each year to plan out retirement finances ensures you are remaining financially stable and happy throughout retirement. Additionally make sure you are meeting your Required Minimum Distribution (RMD) annually to avoid any penalties.
Continuous learning and expansion of knowledge helps us grow as individuals. Staying up to date and learning as much as you can about your finances and financial well-being can help you develop a platform for achieving long-term wealth. Reading the latest financial news or books should help enhance your mindset around your finances and goals.
What is your goal? Do you want to buy a new car? Have your credit card balance down to $0? Increase savings? Whatever it is, have a practical plan that is specific and inclusive in order to achieve your financial goals in 2020.
Oppenheimer Financial Advisors are here to help you stick to your New Year’s resolutions and reach your financial goals. Contact your Oppenheimer Financial Advisor to prepare for the New Year.