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Time for New Year's financial resolutions

 

Last updated 12/22/2022 at 12:21am

Nima Helmi

Edward Jones advisor

It's that time of year when many of us promise ourselves we'll go to the gym more or learn a new language. But when making New Year's resolutions, why not also consider some financial ones?

Here are a few suggestions:

First, don't let inflation derail your investment strategy. Last year, some people may have stopped contributing to their 401(k)s as the cost of living rose. But if you can cut back in some areas, you may still be able to invest in your retirement plans.

Also, try to control your debts. With rising interest rates and inflation, your credit card debt could increase. If you can pay your bill fully each month, you can avoid getting bogged down in debts and you'll have more money to invest.

And if you haven't built an emergency fund, try to do so. It's a good idea to keep three to six months' worth of living expenses in a liquid, low-risk account.

Finally, review your investment portfolio to help ensure it's still appropriate for your goals, risk tolerance and time horizon.

These resolutions can be useful - so try to put them to work in 2023.

 

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