Family and Lifestyle
Self-improvement may be top of mind for many in 2022. We hope that resolve applies to your financial plan too. Statistics show the percentage of people who stick to their resolutions is somewhere in the single digits, but these financial resolutions are well within reach, with a little professional guidance.
Put Your Financial Health First
Women are still more likely to be caregivers for their children and elderly family members, and they may set aside some of their peak earning years to do so. Additionally, women generally live longer than men, even though they tend to make less throughout their lifetimes. Because of this, retirement savings often suffer and women may find themselves trying to play catch-up in later years. The same way you’re supposed to put your mask on first in a flight emergency, you should prioritize ensuring your retirement savings are on track to cover what you’ll need later. The start of the year is a good time to reexamine how much you’ve saved and how much you’ll need to retire the way you envision. Give yourself as much time as possible to up your contributions or alter investments if need be.
Budget to Lighten the Load During Business Times
We live busy lives, trying to keep up with work and family and take care of our homes – never mind squeeze in time for leisure every once in a while too. Maybe dialing back on how many chores you’re packing in each weekend will give you that time around the fireplace with family or cocktails with friends that makes you feel balanced. Consider outsourcing some of the most time-consuming and (dare we say) dull chores to get more meaningful time back in your life. To make it happen, set aside funds in your 2022 budget. As we head into the new year, make a list of the chores that give you the biggest headache (or the ones that will give you the most time back in your week) and calculate how much it would cost to outsource them. Apps like TaskRabbit, Thumbtack and Handy allow you to book services only when you need them, instead of making a regular commitment.
Set Up a Monthly Check In
It’s important to regularly assess your financial health. While automation ensures bills are paid and money’s being invested, it could mean you run the risk that your investments are no longer aligned to your current situation or newly formed goals or you haven’t accounted for changes in your financial life. Also, you may want to sit down with your advisor and discuss the risk level of your portfolio. In the next, you might want to reevaluate your budget with your spouse or partner. The idea is that you remain in touch with your finances and are continually setting new objectives for your financial endeavors.
Margaret Wiley is a financial planner with Freedom Street Partners, a company associated with Raymond James Financial Services. Hampton Roads locations are in Suffolk and Chesapeake, with a satellite office in Gloucester. margaretwiley.com
Sources: lifehappens.org; theconversation.com; fortune.com; cnbc.com; moneyning.com; discoverhappyhabits.com*Raymond James is not affiliated with the phone apps mentioned above. **Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Freedom Street Partners is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc. Investment Advisory services offered through Raymond James Financial Services Advisors, Inc.
