With a new year comes a series of new (and often repeated) resolutions. While we think this is an opportune time to reassess your financial goals and aspirations, we also understand that a new year often creates a deluge of tasks, so we’ll keep this week’s Financial Planning Friday brief and to the point.
Are you planning any major expenses in the coming year—a home renovation or purchase, the start of college tuition, or maybe that ’round-the-world cruise? Or are you concerned that your cash balance or income won’t meet your needs? (You can use our Budget Worksheet to help figure out where you stand.)
It pays to plan your spending and savings in advance.
If your answer to either of these questions is “yes,” call your wealth management team to review your spending plan for 2020. Even if your answer is “no,” if you haven’t talked with your team recently, we encourage you to do so to either put a sound financial plan in motion or to refine your existing one as necessary.
After all, it pays to plan your spending and savings in advance. Take the time today to evaluate your cash reserves and expected income over the next year. If you think you may need to bridge a gap, we’re here to help you strategize.
And if there are topics you’d like us to address in a future FPF section, please contact your team or write to us at firstname.lastname@example.org. We’d love to hear your suggestions.