New Year, Same Financial You? Here are 3 Tips That May Help

/ / Financial

Did you make New Year’s Resolutions for 2020?

If you did and are still working on them, you’re winning!

Studies show that a tiny percentage of people actually follow through with New Year’s Resolutions.

Even if you didn’t set a New Year’s Resolution, EVERYBODY likes the idea of a fresh start for a new year.

People looking for that “new you” feeling when it comes to fitness & weight loss have it rough. Between the Saints & LSU playoffs, Mardi Gras & the start of crawfish season, losing weight is next to impossible!

People looking for the “new you” feeling when it comes to money & finances often dread the mailbox in January when the ghosts of Christmas spending make their appearance!

New Year, New Motivation

Even if you kept your Christmas spending within reason, January is a great time of year to start thinking about what you want to accomplish during the coming year.

Maybe you’ve been wanting to upgrade your kitchen, add a pool, or maybe take care of nagging home repairs.

Maybe you’re ready to book that big vacation you’ve been dreaming about.

Maybe a child is nearing the driving age, or graduation?

Or maybe it’s something else… buying an investment property. Helping an aging family member.

Whatever your reason for wanting to become a “new you” from a financial standpoint, here are 3 tips that should help:

3 Tips for Becoming a “New You” (Financially Speaking)

Tip #1 – Explore Budgeting Apps

There are many AMAZING free apps that help you manage your money & set up a family budget.

They connect to your bank account & credit cards and allow you to set a budget, track your progress & receive notifications as you go (among other things).

The really cool thing is that even if you don’t wind up using an app to manage your budget, simply exploring these tools and playing around with the features will help bring more awareness to how you’re managing your money.

We’ve found that surprisingly few people have an accurate sense of how much money they actually bring into their household as compared to how much is going out.

These apps are great tools from that standpoint.

Tip #2 – Meet with Your Financial Planner

When’s the last time you met with your financial advisor? If you don’t have a financial advisor, call us, we can recommend one!

There’s no standard amount of time that financial advisors set in between client meetings, so if you haven’t met in a while for an in-depth review, this is a great time of year to reconnect.

Being proactive with your financial advisor ensures they stay up to date on your career & family changes. This goes a long way towards helping you become a “new you” financially!

Tip #3 – Review Your Home Mortgage Options

Your financial advisor handles your investments & financial planning, but your home often represents the single largest investment you have working for you (and your biggest monthly obligation).

If you recently obtained a mortgage through us, you’re probably in good shape for now.

But if it’s been a while since you revisited your rate, payment terms & loan amount, you may be surprised to learn what’s available.

Mortgage interest rates remain historically low, and there are more product options than ever for things like home renovation loans & second mortgages.

Contact us today for a free catch-up call! You’ll be glad you did.