As the new year approaches, many people take the opportunity to reflect on their goals and make resolutions for the coming year. If you’re looking to improve your financial health in the new year, here are a few financial resolutions that everyone can focus on, with the help of a financial planner or financial advisor like Oxford Financial Planners in Durango, Colorado:
- Build an emergency fund: Life can be unpredictable, and it’s important to have a buffer of savings that you can tap into if you face an unexpected financial challenge, such as a job loss or a major expense. Aim to save enough money to cover three to six months’ worth of expenses.
- Pay off high-interest debt: If you have credit card debt or other high-interest debt, it may be a good idea to focus on paying it off as quickly as possible. This can help you save money on interest and improve your overall financial health.
- Save for retirement: It’s never too early to start saving for retirement, even if you’re just starting your career. Consider opening a 401(k) or IRA and contributing to it regularly. A financial planner or financial advisor, like those at Oxford Financial Planners in Durango, Colorado, can help you create a retirement savings plan that works for you.
- Build a strong credit score: A good credit score can help you get approved for loans and credit cards at better terms, so it’s worth working on improving your score. This can involve paying bills on time, keeping credit card balances low, and avoiding applying for too much credit at once.
- Save for a down payment on a home: If you’re planning to buy a home someday, it’s a good idea to start saving for a down payment as soon as possible. The larger your down payment, the more home you may be able to afford. A financial planner or financial advisor, like those at Oxford Financial Planners in Durango, Colorado, can help you create a savings plan to reach this goal.
- Establish a budget: A budget can help you keep track of your income and expenses, and ensure that you’re saving and spending wisely. Take some time to create a budget that works for you, with the help of a financial planner or financial advisor like Oxford Financial Planners in Durango, Colorado.
Making financial resolutions can be a great way to take control of your financial future and work towards your long-term goals. By focusing on these goals, you can set yourself up for financial success in the new year and beyond.