As we embark on a new year, it is important to define your financial goals to ensure your financial well-being and empower you to make informed decisions for your family and business. Explore the key strategies below that can set you on the path to financial success in the coming year. 

Evaluate Your Budget 

Start the year off with analyzing your household income and expenses to create a budget that makes sense for you. Start by looking at your average monthly income against your fixed and variable expenses to plan your yearly model budget. This step is critical in ensuring your spending is aligned with your financial goals for 2024. 

Review Your Emergency Fund 

A rainy-day fund will help cover unexpected expenses such as a home repair, medical bills or change in employment. We recommend having enough adequate funds to cover three to six months of living expenses in a liquid account that is easily accessible. 

Contribute to your IRA

 You could potentially earn more over the long term by contributing to your IRA earlier in the year. Just be sure to keep in mind that the IRS limits based on your tax status when making your contributions. 

Prepare for Tax Filings 

The process of getting organized and gathering 2023 forms and records for tax filings can feel time-consuming and overwhelming. Preparing for tax season and staying up to date with this can be paramount in staying aligned with your financial goals — and these strategic steps can save you money while setting you up for future success. 

Examine Your Asset Allocation 

Your asset allocation should ideally match your life stage and financial goals associated with them. The beginning of the year is an appropriate time to examine your asset allocation to make sure your portfolio contains the correct mix of stocks and bonds based on your risk tolerance and investment time horizon. 

Update Your Estate Plans 

Reviewing or creating your estate plans at the start of the year will help guarantee that all your assets are distributed appropriately. Your estate plan should consist of a last will and testament, power of attorney and healthcare proxy at a minimum. A trusted financial advisor can help account for and plan out your estate tax so that your family business is protected.