Stephen's Blog

The new year often brings a sense of renewal and reflection, making it an ideal time to revisit your financial goals. Did you meet your targets last year? What adjustments need to be made for the year ahead? This process of reviewing and adjusting is crucial for long-term financial success. It’s not simply about looking back, but also about adapting to life's changes and aligning your financial strategies with your evolving aspirations.

One of the first steps is to take stock of your current financial situation. Review your income and expenses, noting any significant changes in either. Are you earning more? Are expenses higher than anticipated? Understanding this will give you a strong foundation for reassessing your goals. This might include looking at investments; are you on track for retirement? Consider scheduling an appointment to review your investment portfolio. This allows you to assess risk, plan for long-term growth, and make adjustments that support your bigger plans.

Next, review your progress on existing goals. Did you successfully save enough for that emergency fund, as detailed in our article on building an emergency fund? Maybe you're already on target, but perhaps one of the items on your financial bucket list requires adjusting its time frame long term financial planning. Perhaps a major purchase goal like a down payment for a home is coming into view or you need to alter course due to an unforeseen event.

Life throws curveballs. A job loss, a health issue, or even a family addition can dramatically affect your finances. Don't be afraid to adjust your goals accordingly; remember, the key is flexibility and ongoing adaptation. Remember to also look forward – consider those yearly events, vacations and personal milestones – do they still align with your current priorities and overall financial strategy?

Remember to be realistic. Setting overly ambitious goals can be demotivating. Breaking down larger goals into smaller, manageable steps makes the overall process less overwhelming and ensures you’re monitoring success and making regular changes.

Finally, once you’ve reviewed and made the necessary changes, create an action plan. List all steps you need to take, assign deadlines to each, and schedule regular check-ins. By consistently tracking your progress, you can maintain momentum, catch potential roadblocks, and ensure you stay on track to meet your financial objectives this year, and beyond. Remember this year’s process becomes next year’s preparation.