What should you do right now that will make a big difference in your finances in the new year?
Click on the timestamps below to jump to specific topics.
Welcome to 2022! Amidst your resolutions, goals, and planning, you may also be trying to get your finances in line. On today’s episode of The Financial Answer podcast, Nathan outlines four things you can do right now with your finances.
If you got a big tax refund last year, you might want to revisit your taxes and make an adjustment. While getting a big refund may feel good in the moment, it’s not actually the goal. Instead, it’s better to have that money all year long. Consider what you could be doing with a few hundred dollars more a month throughout the year instead of one large sum in April.
Make sure you’re participating in retirement contributions. There’s a good chance you’re making more money this next year, so see if you can save some of that extra income. Update your retirement contributions before your next paycheck so that you don’t even feel it. Look at your plan to see what you need to save to meet your objectives in retirement.
Tax time is coming up, but don’t forget that tax planning is important all year. Most people gather their forms in the first quarter. Don’t delay! Keep it organized as you go instead of waiting until the last minute.
In this new year, you may already be considering what resolutions and goals to make. Getting your financial goals in place is doable if you take the first step toward your retirement plan today. Reach out to a financial advisor to help get you on the right track and stay motivated toward your goals.
Listen to the entire episode or skip ahead using the timestamps below.
0:44 – Welcome to the new year!
2:56 – What can you do with your tax withholdings?
5:23 – Assess your retirement contributions.
7:38 – Are you ready for tax time?
10:11 – Set your goals and do it.
12:41 – How should you think about resolutions?
A Point Of Wisdom:
Make sure that you’re saving. More than likely, you’re making more than you were last year. Try to save a little bit of that extra…try to save a lot of that extra.
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