Broker Check


January 09, 2023


It’s a great feeling to start on your New Year’s resolutions and your money should have a place in those new goals! Here are some quick tips for setting money goals.

 1. Look at your spending from 2022.

Where are your “trouble spots” or what do you spend a lot of money on that you don’t necessarily need? For me its restaurants! Figure out what you can do to cut back on those items. I decided on a meal service so I didn’t feel the need to eat out as much.

 2. Look at your savings

How much did you save in 2022? Did you hit your savings goals? Here’s some savings vehicles that you might want to consider depending on your goals:

  • 401k
  • IRA
  • Emergency cash account
  • 529 for kids

3. Decide on your priorities for 2023

Maybe you want to get better at saving. Maybe you’re savings really well but you want to take the next step on your wealth building journey. Think about what’s next for you and your situation. Here’s a few common examples:

  • Set up your Estate Plan (wills, trusts, etc)
  • Tax optimization of assets (tax aware accounts or muni bonds)
  • Big goal saving (new house, second home etc)

4. Come up with a Plan

A goal without a plan is a wish and a prayer! You need to have concrete steps to work towards your goals.  That is if you want those goals to work for you. One of the best ways is to AUTOMATE. Make those transaction to savings accounts easy for yourself and set them up for the whole year.


And as always, talk to your Financial Advisor/Planner who can help you set up some goals and Plans!!


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Prior to investing in a 529 Plan, investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply. If sold prior to maturity, capital gains tax could apply