Finance
Setting attainable financial goals in the new year
PANAMA CITY BEACH, Fla. (WJHG/WECP) -The saying goes “Money can’t buy happiness.” But it’s a starting point, and the job of financial advisors is to set people up for success.
“It’s about preservation, income, and making a shift to do that for people,” said Alex Astin of Burns Estate Planning & Wealth Advisors.
What better time to re-focus your energy than the start of a new year?
“We honestly do get more of a bump in January, [and] February, it’s all those New Year’s resolutions, right?” Astin said.
But how do you make sure that the money resolutions you make don’t go by the wayside after a few weeks?
For starters: focus on the opportunities that financial stability can bring you.
“Finances can certainly give you the freedom to relieve stress from other things in your life,” said Astin.
The top tip from advisors is to figure out what worked and what didn’t work for you last year, and adjust where it’s needed.
“Cut down on those expenses if you can. Spend less,” Astin said.
For many, that means cooking more at home.
“Going out to eat is one of the major factors for people that don’t have enough money to live,” said Astin.
Advisors say that it’s important to set attainable financial goals and to check in on them throughout the year to assess progress.
“Set time frames to check in with those goals. That helps you stay in check,” Astin said.
One common mistake is that people think setting aside a small amount of money isn’t good enough — so it just doesn’t get done.
“Five dollars here, ten dollars here, fifteen there. Those add up too,” said Astin.
Above all else, financial advisors say to come up with a budgeting plan that can be a long-term solution, as opposed to a short-term fix.
“What you look at heading into the new year, is how can I be sustainable? I can do this for one year, but is it a Band-Aid, or is it going to be a fix? If you set a goal where it’s like ‘there’s no way I’m going to attain that goal,’ well then it’s unrealistic,” Astin said.
For more information on Burns Estate Planning & Wealth Advisors, visit here, or call 1-800-308-4416.
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