With the new year comes new resolutions. While we think this is an opportune time to reassess your financial goals and aspirations, we also understand that the start of the calendar year creates a deluge of tasks, so we’ll keep our advice brief and to the point.
Are you planning any major expenses this year? A home renovation or purchasing a vacation house, the start of college tuition or planning for travel once the pandemic is under control? 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.)
If your answer to any of these questions is “yes,” call your wealth management team to review your spending plan for 2021. 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 refine your existing one as needed.
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.
Any 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.