7 Tips to for Keeping your Financial Resolutions

For many, the beginning of a new year is a time for personal reflection; a time to consider commitments and resolutions for the coming months. Now, well into the first quarter, is a good time to check on your financial resolutions and plan as needed. With proper planning and appropriate guidance, you can build financial stability and prepare for any future uncertainties.

The following is a framework to achieve your financial resolutions:

  1. Get organized. Gather all your important financial documents, such as life insurance policies, homeowners’ insurance, wills, trusts, and other pertinent financial records, and organize them so you can access them quickly and easily.
  2. Define your goals. Reflect on what your priorities are and what you want to achieve. Write down a few realistic goals that you think are attainable. Be honest with yourself when assessing whether each goal can be reached. It’s best to tackle one goal at a time, rather than attempting to juggle multiple goals and risk getting sidetracked along the way.
  3. Start Fresh. Don’t allow the mistakes you made last year, or even on this year’s first months, hinder your progress. Allow yourself to mentally wipe the slate clean. Consider previous setbacks as part of the path towards reaching your new goals.
  4. Enlist the support of your Popular One team Set aside time to meet with your private banker, financial planner, financial consultant, and insurance producer to discuss your situation, goals, and how they can help you stay on track. Together, you can set targets to reliably track your progress at different stages of meeting your goals.
  5. Schedule an appointment. Arrange a time to meet with your financial planner and attorney to review or write your estate plan. Prior to your meeting, sit down with your partner and other loved ones to discuss and establish your household plan, which should include property dispositions and guardian appointments.
  6. 6. Review your insurance coverage. Review your life insurance policies with the help of your insurance producer to ensure that coverage is adequate, your beneficiary designations correspond with your current situation, and that all arrangements are up to date.
  7. 7. Prepare a tax strategy. Start gathering your tax information and arrange a time to meet with your accountant, if necessary. Your financial planner can help you design a tax strategy based on your current financial situation.

The start of a new year brings a fresh beginning. By faithfully tracking your progress in these areas, you will be well on your way to achieving your financial goals. Contact your Popular One team and get started today.

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