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How To Achieve Your Financial New Year's Resolutions

How To Achieve Your Financial New Year's Resolutions

January 07, 2019
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Happy New Year to all! A new year is, of course, the time for resolutions. While health and fitness are always a focus this time of year, your personal finances should be as well.

With that in mind, here is a list of some questions you should take the time to consider to start 2019 off right.


Now is the time to take stock of where you are financially. What is your balance sheet as of the end of 2018? How much did you save in 2018? Did your liabilities increase?

Ownerships of Assets

Next, you’ll want to review all ownerships of your assets. Are all of the assets that should be in your trust(s) accounted for? For example, were any new purchases made during the year, including new cars, a new house, and more?


This is also an excellent time to review beneficiaries on all accounts. Have you ensured your existing beneficiaries are correct? Additionally, if you have experienced any life changes such as marriage, a new child, divorce, and more, it’s important to account for these changes and ensure that every account that should have a beneficiary does so and is accurate.

Estate Documents

Another key task at the start of a new year is reviewing all Estate Documents. Are your Estate Documents up to date? Do they account for any changes in family dynamics, such as a child reaching adulthood, marriage, divorce, or a new child or grandchild? Moreover, now is a good opportunity to evaluate any changes in your goals. For instance, do you have any new charitable aspirations?

Insurance Policies

It is also a great time to review all your insurance policies including Life, Disability, Long Term Care, etc.  You should reevaluate the reason for the policy, whether it be for estate planning purposes, income replacement, or to cover expenses; you’ll also want to confirm that the amount of insurance is appropriate. In addition to making sure your insurance meets your needs, it’s best to review the ownership, premium, and beneficiaries of the policies.

Investment Allocation

The latter part of 2018 was extremely volatile. As a result, you’ll want to confirm that your investment allocation fits your tolerance and financial plan. Did you take more risk or was your portfolio more volatile last year than you anticipated?

Financial Plan

Next, it’s critical to review and update your financial plan. Are you on track to reach your financial goals? Do you need to make any adjustments to your plan? If so, the beginning of the year is the perfect time to make any necessary updates.

Finally, if you don’t currently have a financial plan, a new year is a great time to start one.

The start of 2019 is the perfect time to reevaluate your finances. If you haven’t already, now is the time to meet with your financial advisor to ensure a comprehensive review of your situation and make any necessary adjustments.