Jump Start Your 2020 Financial Plans

by Carrie Gallaway, CFP®, CeFT®

You already know that life is full of distractions, from social media, to email, to the Internet—and this happens with our finances too.

Creating or developing tricks to instill discipline in your daily life helps create success financially.

Ready to jump start your 2020 financial plans and stay disciplined? Keep reading for tips on how to make 2020 your best personal finance year.

Start 2020 Financially Strong:

First, keep a schedule. (For all things-activities, projects and finances.)

Your finance schedule should list all the major fixed expenses, as well as your annual and monthly savings goals.

You don’t want to get caught off guard by large annual or quarterly expenses that are not factored into daily life. Being able to pay these expenses in full can save money as well as time.

I’ve worked with many clients who feel anxious and overwhelmed when their tax bill arrives or summer camp needs to be paid, because these are not normal expense items and they didn’t have a plan to pay for the large expenses.

What to Do:

Create a list of the big expenses. Examples include summer camps, life insurance premiums, homeowners insurance, and tuition. Once you have the list of items, record the approximate payment due date on a list and make a savings plan.

Mark due dates on your calendar and include a reminder for the month prior to the due date.

Log your savings on a spreadsheet or in a notebook. Recording your savings provides a tangible sense of accomplishment and it helps you feel organized and disciplined.

Set aside a specific time each week to review your credit card statement online. As you review the pending charges, notice if there is anything you want to give up or change in your spending for the coming week or month.

Next Steps:

Finally, if you’re trying to make changes to savings, don’t strive for perfection. If you chase an ideal, you will constantly feel like you’re failing.

 

Carrie Gallaway, CFP®, CeFT®, is a Financial Advisor with over 20 years of industry experience. She is a principal at YorkBridge Wealth Partners, an independent wealth management firm. Carrie is also the author of the bestselling book, Your Money, Your Life: a Women’s Guide to Building Wealth for a Secure Financial Future and Ideal Retirement. Carrie and her husband have been Hoboken residents for 20 years and are raising their two children in the Mile Square City. (photo by Marie Papp).

 

 

 

 

The Information contained in this document is based on data received from third parties which we believe to be reliable and accurate. YorkBridge Wealth Partners, LLC has not independently verified the information and does not otherwise give any warranty as to the truth, accuracy, or completeness of such third party data, and it should not be relied upon as such. Any opinions expressed herein are our current opinions only. YorkBridge Wealth Partners, LLC is an SEC Registered Investment Adviser under the Investment Advisers Act of 1940 (“Advisers Act”). Registration of an investment advisor does not imply any specific level of skill or training. The information contained in this document is to assist with general planning. Please consult with your own tax advisor and attorney for more specific information.