Happy New Year – Tips for Starting Strong in 2025!
The start of a fresh year is the perfect opportunity to reflect on the past and plan for what’s ahead. If organizing your financial house is one of your 2025 priorities, here are some practical tips to help you get started:
1. Revisit Your Budget
Holiday spending can take a toll on even the most carefully planned budgets. Between gifts, travel, and festive gatherings, it’s easy to overspend—just ask my wife about Amazon and Target! 😉 Now is the perfect time to reassess how much you’re allocating for bills, savings, investments, and everyday expenses. A refreshed budget sets the tone for smarter spending all year long.
2. Review Your Financial Plan
A lot can change in a year—raises, new jobs, or updated compensation packages can all impact your financial goals. Take a close look at your savings and investments for retirement, travel, education, or other major expenditures. Even small adjustments today can make a monumental difference in achieving your goals.
3. Fine-Tune Your Tax Planning
Tax Day is just around the corner! Start the year strong by ensuring your tax withholdings are accurate. Adjustments now can help you avoid surprises on April 15th while maximizing your hard-earned money and minimizing your contribution to Uncle Sam.
4. Check Your Investment Allocations
The stock market’s performance over the last 24+ months has been exciting, but it’s easy for portfolios to drift away from your goals or risk tolerance. Take this time to ensure your investment mix is still aligned with your long-term objectives.
5. Update Beneficiaries and Estate Plans
Picture this: you’ve worked hard, saved diligently, and built a legacy that’s changed your life. But if something unexpected happens, your assets could end up in… your second cousin Gary’s name? Let’s avoid that nightmare. Reviewing and updating your beneficiaries and estate plans ensures your legacy goes where you intend—sorry, Gary.
These steps can help you kick off the new year with confidence, knowing your financial house is in order. If you’d like assistance, I’d be happy to help!
Give us a call at (615) 457-3481 or email me at caleb@wealthstrategiespartners.com to get started.
Here’s to a successful and prosperous 2025!
While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate profession