At the beginning of each new year, there is an opportunity to start fresh. Don't carry last year's attitude to this year's income. There are many forms and tools that you can use to refresh your financial outlook and planning. Here are just a few:
Budgeting calculator and sheets: These can help you track your income and expenses and plan how to allocate your money.
Net worth statement: This is a form that lists all of your assets (such as bank accounts, investments, and property) and liabilities (such as loans and credit card debt). It helps you see your financial position at a glance.
Cash flow statement: This form shows the inflow and outflow of money over a certain period of time, such as a month or a year. It can help you see where your money is going and identify areas where you may be able to cut back on expenses.
- Retirement calculator: There are many online tools that can help you calculate how much you need to save for retirement based on your age, expected retirement age, and other factors. Stay up-to-date with the latest benefits available to you. Check out the New Retirement Contribution Limits in 2023.
Investment portfolio: If you have investments, you should periodically check and rebalance your portfolio to help you track the performance of your portfolio over time and see how it is diversified.
There are many other forms and tools that you can use for financial planning, depending on your specific needs and goals. It may be helpful to speak with a financial planner or adviser to determine which ones are most appropriate for you.
The old-fashioned habits of consistency and accountability still help to keep us on track with our planning, no matter what method you use to plan financially. In the end, having an expert in finance to guide you can help the planning process to go more easily and also build your confidence and clarity that you are headed in the right direction. Have a question? Set up a consultation with one of our advisors to discuss your plan for 2023.
Here’s to a blessed 2023!
Yours for Wise Stewardship,