Is Now the Right Time to Assess Your Financial State?

There’s never a bad time to step back and take a look at the state of your finances. However, January provides the perfect excuse to look at the year ahead and to start planning for major life events.

By
Ryan P. Cleary
in
Money Matters
January 28, 2022

Originally posted on January 4, 2019

There’s never a bad time to step back and take a look at the state of your finances. However, January provides the perfect excuse to look at the year ahead and to start planning for major life events. 


Let’s take a closer look at why that is.


Bonus: We’ve included a helpful worksheet you can use to evaluate your financial circumstances! Check it out by clicking here.

Holiday spending is over

For the most part, January is a low-spend month for holidays and related expenses. While you might still have some bills to pay off (remember to pay off your credit card in full!), you can use the month to get a reasonably accurate idea of your baseline spending each month.


Insurance changes are taking effect

January is when most insurance plans change their rates and coverage. As a result, it’s the first month when you’ll see your new bills and premiums (though we hope you don’t have an unplanned doctor visit!).


New Year’s resolutions

Nearly half of all Americans make New Year’s resolutions, but only 8% complete them. The good news is that Fidelity Investments found that those who set financial goals or resolutions are far more likely to successfully complete them, to the tune of 74%. With so many people ready to act as a support network and a high chance of being successful, now is a great time to get started by evaluating your financial state.


Everything slows down

After the holiday but before the kids go back to school, there are a few magical weeks where business is also a little slower. This presents an opportunity to take advantage of a quiet evening or a relaxing afternoon to plan for the future.


All the big changes are ahead

Most big financial and life changes take place later in the year. Expensive holidays, weddings, insurance changes, job shifts and vacations can all be planned for now.


We have tools to help

Every week in January, our financial wellness team will be releasing a new tool or worksheet to help you to plan for the rest of the year. We’ll also be going through everything with you and helping you to take a closer look at your finances. 


To get started, look ahead and make some predictions about what you expect to take place using our life circumstances worksheet. We’ll provide you with another tool in our next article!

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