8 Financial Tips for the New Year

Please Share

New Year, new you, some say. The New Year is a perfect time to assess your financial plan, throw bad habits in the trash, and start anew. To support your financial goals in 2020, we put together a straightforward list of tips which can help you get on track for a successful year for your pocketbook.


  1. Assess your current financial status and set realistic financial goals for the New Year. For example, take a look at your balances and your savings plan. What would you like to achieve this year and how can you get there? This step is best done while sitting down for a great meal with your financial advisor. At least, that’s what we would suggest!
  2. Make a commitment to paying off your debt first in 2020. This way, you can say “Good riddance!” and focus on investing and saving for the future.
  3. Don’t forget about your retirement! You are never too young to start saving for your retirement years. Plan ahead so that you can make retirement the best years of your life! We recommend using an online retirement calculator to help you estimate a target number that you could need to retire comfortably.
  4. Do you have an emergency fund? If not, you could be in trouble. Start a savings fund that is for emergencies only and commit a small portion of your monthly income to that fund. Just in case!
  5. Consider refinancing your mortgage or student loans this year. You might be able to improve your rate! Contact your financial advisor to talk about next steps.
  6. Charitable contributions not only feel good, they provide you with great tax benefits! Start the year out by considering where you’d like to donate, and how much.
  7. If you’re not contributing the maximum amount to your 401k, start rethinking that now! We recommend taking full advantage of the retirement benefits provided by your 401k.
  8. Sell positions for a tax loss in your investment accounts. You can sell stocks, bonds, mutual funds, or other investments that have lost value, to aim to reduce federal taxes on capital gains from winning investments—or you could get a federal tax deduction. It’s called tax-loss harvesting.


Let’s all do our best in 2020 to set ourselves up for success. This starts with having an awareness about our financial status, in addition to setting realistic goals. Our team is ready to talk about your financial plan for this year, contact us!

Please Share

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.

Newsletter Sign Up

Simply enter your email address to receive a brief email when new blogs are live. We will never share your info.