Have you made New Year’s resolutions, such as exercising more or learning a new skill? These are good objectives, but why not add some financial resolutions? For starters, try to reduce your debt load.
You’ll improve your cash flow and have more to invest. And speaking of investing, see whether you can boost your pre-tax contributions to your traditional IRA and 401(k). Once you’re 50, you can even make catch-up contributions. If you have an education goal, consider investing in a tax-advantaged 529 education savings plan. Also, try to build an emergency fund containing up to six months’ worth of living expenses, with the money kept in a liquid, low-risk account.
Finally, even if you’re relatively young, it’s good to have your estate plans in order. And if you’ve already created these plans, you may want to review them, especially if you’ve had changes in your family situation involving marriage, divorce, or birth of children or grandchildren.
You may not be able to tackle all these resolutions in 2025 .But by addressing as many of them as possible, you can make progress toward your goals and set yourself on a positive course for the future.
This content was provided by Edward Jones for use by Linda Drake, your Edward Jones financial advisor at (480) 985-2651. Edward Jones, Member SIPC 15:60