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If your goal for the coming year is to save more and get ahead financially, youre not alone.
Additionally, people resolving to save more money are more focused on short-term savings goals in the coming year.
Understanding where your money goes is the first step toward effective budgeting.
Take the time to track your spending meticulously, whether using apps or the old-fashioned pen and paper.
Be sure to record every expense, no matter how small.
Review Your Credit Score
Next, youll want to check in on your credit.
Aliche advised checking in on your emergency savings and retirement savings specifically to see to it youre on track.
Aliche recommended asking yourself these questions: How did my investments perform this year?
Are my investments aligned with my goals?
Is my portfolio properly diversified?
Debt eats a hole in your wallet and creates acontinuous financial drain.
The more debt you have, the more difficult it can be to get out of.
Think About Your Legacy
Aliche advised taking time to review (or make) an estate plan.
While its not always fun to think about, being proactive here is important.
According toFinancial Sense, only 32% of Americans have an estate plan in 2024 a decline from 2023.
Take the steps today to ensure your loved ones are taken care of in the future.
That means your goals should be specific, measurable, achievable, relevant and time-bound.
By following the SMART method, you might set yourself up for financial success in the new year.
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