The new year has officially arrived, offering the perfect opportunity for reflection and goal setting! As we enter 2024, take some time to assess your financial situation and determine what objectives will help you reach the financial future of your dreams. Creating personal financial goals can help you stay on track this year, regardless of whether you’re trying to eliminate debt, save more, or grow your investments. Consider the steps below as you come up with your new year’s financial resolutions.
1. Take stock of your current situation.
The end of 2023 may have brought raises or bonuses, or it may have resulted in holiday debts. No matter how your year ended, take some time to reevaluate your current financial situation. Has your income changed? Have your expenses? Have your debts increased or decreased? What are your top financial priorities this year? Bear in mind that your answers to these questions might change, and that’s perfectly normal! Just make sure that your financial plan reflects these changes.
2. Create a debt repayment strategy.
The new year is a great time to truly assess your debt. While many people have a general idea of what they owe, taking the time to look at each of your outstanding debts (and their accompanying interest rates!) can help you create a repayment strategy that is best suited to your goals. Focus on paying off high-interest debt first. Even if complete freedom from debt is not feasible right now, a concrete repayment strategy can help you take steps in the right direction.
3. Set realistic savings goals.
As you consider your financial plan for 2024, think about the things you want to save for. Many people only think about retirement when they hear “savings,” but there are many other major life events you may also want to consider. Are there any vacations you’re planning this year? Are you hoping to purchase a new car soon? Are you in the market for a home? Your savings goals can seem more attainable if they are broken down into categories that are specific to your individual goals.
4. Plan for retirement.
Consider your needs in retirement. Are your retirement savings on track to sustain your desired lifestyle? This is one area in which a financial adviser can be a particularly invaluable asset. If you have questions about your retirement readiness, don’t hesitate to reach out to one of our talented team members. We would be happy to meet with you and discuss your goals for retirement.
The journey to your financial goals is a marathon, not a sprint, but setting specific goals can help the finish line become clearer. As you think about your objectives for 2024, please feel free to contact one of our team members with any questions or concerns. You can reach us at (469)212-8072 or www.gdswealth.com.
This blog does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for informational purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith, and any related legal, tax, accounting, or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact GDS Wealth Management at (469