Have you made your New Year’s resolutions? This year, in addition to setting goals for your health and self-improvement, why not make some financial resolutions, too?
Here are a few suggestions:
First, resolve to be prepared for the unexpected. One way of doing this is to build an emergency fund containing three to six months’ worth of living expenses, with the money kept in a liquid, low-risk account.
Next, set a goal of boosting your retirement savings by contributing more to your IRA and 401(k).
Here’s another good resolution: Reduce your debt load. The lower your debt payments, the more you can save and invest for the future.
Finally, tell yourself you won’t overreact to news events by constantly changing how you invest. Stick with a strategy that’s suitable for your goals and risk tolerance.
These aren’t the only financial resolutions you can make – but following them may help you develop good habits that can benefit you in 2022 and beyond.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.