Now that all the presents are unwrapped, half of the new toys already broken and that carton of egg nog is finally empty. You might be left nursing a hangover from that epic New Year’s Eve party you went to as you contemplate the very meaning of your existence. At some point, you might have given thought to what the New Year is going to hold for you. In the aftermath of the holidays, most of us are left with a renewed sense of family or a reminder of why we never talk to some people. For a lot of us, the beginning of the year is a chance to get off to a good start. Whether it’s implementing that workout regimen that you’ve been off and on with the last few years, or figuring out how you can squeeze in more time to volunteer at your favorite charity.
The New Year is also a great time to revisit your financial goals and kick start any plans that you have been putting on hold. Since we often have multiple financial goals competing for limited dollars, the first thing to do is prioritize our goals. For most people those goals are going to include saving for retirement, paying down debt, buying a home, and if you have young children, saving for college and making sure that they are OK if anything happens to you.