By Nicholas R. Bair, CFP ChFC
Managing Partner Senior Wealth Advisor
Wilde Wealth Management Group
The confetti has settled, the champagne glasses are back in the cupboard, and your resolutions are still intact — for now. While you’re mapping out how to lose 15 pounds or finally organize the junk drawer (we believe in you), don’t forget to give your finances some New Year love. After all, your money deserves a fresh start, too!
Here’s how you can start the year off right with financial planning — because no one wants to spend December looking at their budget with the same regret as their unused gym membership.
Give Your Financial Closet a Good Declutter
Remember Marie Kondo’s mantra: if it doesn’t spark joy, toss it? Apply this to your budget. Review your spending from last year and look for subscriptions you forgot about (does anyone really need three streaming services?). Redirect that money toward savings or debt reduction — it can be like giving your finances a detox.
Set Goals, Not Wishes
A wish is saying, “I’d love to save more.” A goal is declaring, “I’ll save $500 a month for my dream vacation to Italy.” Be specific, write it down, and make sure it’s achievable. Think of financial goals like planting a tree: small, consistent watering (saving) leads to big, leafy rewards (retirement freedom or a Tuscan villa getaway).
Tackle Taxes Early
Procrastination and taxes go together like pizza and sardines (read: not great). Use January to organize your W-2s, 1099s, and deductible receipts so you’re not scrambling in April. If you got a raise last year, check your withholdings — because no one wants a surprise tax bill.
Rebalance Your Portfolio
Your investments shouldn’t be “set it and forget it” like a slow cooker. Market changes can shift your allocations, so now can be the time to rebalance. Think of it as giving your portfolio a tune-up — because who wants to drive a car with one tire bigger than the others?
Review Your Financial Safety Net
Life happens, so ensure your safety nets are intact. Do you have enough emergency savings to cover three to six months of expenses? Is your insurance up to date? If you’re not sure, imagine explaining to future you why you didn’t prepare.
Partner Up
If the idea of financial planning makes your head spin, enlist a professional (that’s where we come in!). A certified financial planner can be like your financial GPS — they’ll help keep you on track, help you avoid detours, and maybe even find a shortcut to your goals.
This year don’t just hope for financial success — plan for it. Because while you can’t control the stock market or whether your avocado will be ripe on toast day, you can plan your financial future. And that’s something worth celebrating. Cheers to a prosperous new year!
