This season of giving is also a season of overspending for many of us.
Approximately 70 percent of consumers surveyed by TD Bank reported overspending during the holidays last year, with nearly half of those saying they overspent by around $300.1
If you are one to engage in a little spending overindulgence trying to find the perfect gifts for your loved ones, the end of the holiday season might leave you feeling the financial pinch and ready to improve your financial fitness.
Around 30 percent of people surveyed by Forbes say they set New Year’s resolutions to improve their finances.2
If you’re in that group, we can help you! We’ve already been working together to put you on your path to financial freedom, but there’s always room for improving your financial situation.
Here are some potential resolutions to improve your financial fitness in 2024:
Clean Up Your Budget
Even though inflation was down since it hit record levels in 2022, the higher cost of items and rising interest rates still impacted all of our wallets and budgets in 2023.3
As such, it’s important to regularly review and rework your budget to ensure you’re trimming any unnecessary expenses and stretching your dollars as far as they can possibly stretch. When you engage in these reviews, you can identify if your current services can be swapped out for more cost-effective alternatives. Or you might identify that you’re subscribing to similar services and can cut some of them (we know, sometimes you need Hulu and Netflix, but do you need both of those and Apple TV?).
Pump Up Your Savings
Work on Your Estate Planning
Reexamine Your Insurance Needs
Hold a Family Summit
Increase Your Odds of Success
Here's to a financially successful 2024!
Sources
This material was prepared by Carson Coaching. Carson Coaching is not affiliated with the named broker/dealer or firm.