We believe the new year is an opportune time for setting goals, particularly when it comes to financial health. As part of our service to you, we have regular conversations with clients about their goals and can track their progress online. We continue to discuss these goals—keeping them front and center to help clients feel more confident for the long term.
Where would you like to ideally be on our financial journey? Not sure what your goals are? We can help.
Write down your Financial Goals. Begin by defining what financial success might look like for you. This may include saving for a down payment on a house, reducing debt, or planning a major purchase. Think about the short-term and long-term aspects of your goals and how they fit into your overall financial plan. Remember to review and adjust your goals regularly. This clarity will help provide direction and motivation.
Develop a Detailed Budget. Start by listing your income and expenses. If you are unsure of where your money is going, consider tracking your spending using a spreadsheet or an online budgeting tool for 30 days. Think of the necessary expenses such as your rent or mortgage payment, utilities, groceries, and other spending such as shopping or entertainment.
Take some time to review your budget. For instance, can you cut back on a mid-day coffee break? Are you subscribed to monthly services you are not using? Track your spending and identify areas where you can save.
Manage your Debt. Begin by taking a closer look at your debt. Once you see the numbers, come up with a strategy to pay off your debt. High-interest debt, such as credit card debt, can quickly derail your financial plans. Prioritize these debts first. If you have multiple debts, consider strategies like debt consolidation or the snowball method—paying down your account with the lowest balance first, then move on to the next, while paying the minimums for each account.
Establish an Emergency Fund. An emergency fund helps establish financial security. Start small and build your savings over time. Ideally, this fund should cover three to six months of living expenses. It acts as a buffer against unexpected events like job loss or medical emergencies.
Invest wisely. Investing may help enhance your financial growth. However, it is important to invest wisely. Consult with StackStone Wealth to help create a strategy. Our team can help diversify your portfolio to spread risk and align your investments with your long-term objectives. Together, we will review and rebalance your portfolio as needed. Working as a team from our offices that spread from Dubuque, IA, to Marquette, MI, to Rockford, IL, to Lake Geneva, WI, our experienced advisors can help provide strategies for debt management, investment strategies, and tax planning.
Save for Retirement. Regardless of your age, planning for retirement is crucial. Maximize contributions to retirement accounts like 401(k)s or IRAs. Imagine our team as navigators in the complex world of finance—equipped with an understanding of market dynamics and up-to-date knowledge of the latest regulations. We will take time to understand you personally—your current financial status, your future goals, and your comfort level with risk.
Protect your estate. An estate plan is a tool that lists your financial assets and can also address your medical care and end-of-life wishes. Regularly review your beneficiaries, especially for retirement accounts, annuities, and life insurance. This is especially important if you will be experiencing important life events in 2024 such as the birth of a child, adoption, marriage, or divorce.
Prepare for the Unexpected. Life is full of changes, and the StackStone Wealth Team is here for you. Be it a career change, family expansion, or unexpected financial needs, we can help adapt your strategy to stay on course. Your financial plan is not set in stone. Life changes, and your financial plan should be flexible. Our team provides articles to help stay informed about financial trends and education. View our collection of Resources here.
Our experience, combined with a personalized approach, can help you navigate the complexities of financial planning, ensuring that the new year can be not only prosperous but also lays the groundwork for financial health. Here’s to a successful, prosperous, and financially healthy new year!
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