North American: 5 financial resolutions to ring in the New Year
Originally published by: North American Company for Life and Health Insurance®
‘Tis the season for resolving to do better. If you blew the budget this holiday season, or if you’re just hoping for a fresh start in 2022, consider these five tips to focus on finance in the new year.
Start a budget
A solid budget is the foundation of a financial plan. And it doesn’t have to be a pain. The key is to do what works for you. Like to make lists? Start there. Spreadsheet guru? Fantastic. Want to automate it? There are plenty of websites that will help you see where your money is going. Once you know what’s coming in and what’s going out, you can start to make changes to align with your savings goals.
Learn more about money and finances
Rome wasn’t built in a day, so don’t expect to master all things finance overnight. There are plenty of online tools and resources designed to help you budget, plan, and save for your future. If you’re ready to take the next step, a financial professional can help talk you through the best options for you.
Start saving
Did grandma ever tell you to save for a rainy day? She wasn’t wrong. Many experts agree that having a 3-6 month emergency fund can make a huge difference in financial independence. That might sound like a big number, so it’s ok to start small. Now that you know where you’re spending money (see how great that budget is?), you should be able to make decisions about where you need to spend vs. save.
Managing debt
For many of us, debt is inevitable. But it’s important to have a plan to keep debt from taking over. There are different philosophies for paying down debt (paying the highest interest first, snowballing payments,) but it’s important that you have a plan that works for you. And once you have your handy dandy budget, you’ll have a better idea of how much you can allocate to paying down debts. A friendly reminder – just because you’re paying down debt doesn’t mean you should neglect your future self and savings. Many experts recommend taking a balanced approach to managing debt while saving.
Start investing
Nobody has ever reached retirement and complained about having too much money saved (at least, nobody we’ve talked to.)
As part of your overall savings plan, you may want to consider investing in a retirement account (like an IRA, 401(k) or 403(b)), a college savings account, or a brokerage account to participate in the market. Of course, there can be risks associated with investing. Consider speaking to a financial professional to help set a plan that works for you.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
Neither North American, nor any financial professionals acting on its behalf, should be viewed as providing legal, tax or investment advice. Please rely on your own qualified tax professional.
B-NYE-NA-12-21
Latest Posts
A Growing Topic – Life Insurance for Marijuana, Tobacco UsersApril 2024 Employees put the Integrity “I” in AIPMA During Team Pinning CeremonyApril 2024 Giving Back to Your Local Community in AprilApril 2024Categories
Tags
Annuity Tax Season Indexed Universal Life Integrity Life_Insurance Secure Act Social Media Myga Financial Planning Foresters Financial Ira Holiday Global Atlantic Job Posting Legal And General Medicare_Supplements Charity Permanent Life Insurance Fixed Annuity Myaip Taxes Webinars Insurance Fraud Protective Limra Open Enrollment Final Expense Web Meetings Culture Long_Term_Care American Equity Aipma Nationwide Transamerica Securian Financial Equitrust Disability_Insurance Iul Fidelity Guaranty Life Women Lincoln Financial Group North American Regulations Corebridge Financial Roth Ira Nafa Leads Tips Retirement Planning Drop Ticket Regional Director Mental Health Ringcentral Term Life Insurance Wink Carriers Fixed Indexed AnnuityContact Us
800.783.5206
2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
About Us
For more than 40 years, AIP Marketing Alliance (AIPMA), an Integrity Company, serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR THE MEDICARE PROGRAM. Copyright 2024