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The start of a new year often brings self-reflection for many people as they create their New Year’s resolutions. Although New Year’s Resolutions aren’t for everyone, it is still beneficial to self-reflect and set goals for the new year, especially financially. Studies show that by Spring, many people have fallen off track from the goals that they set at the start of the year. As we head into Spring, we would like to encourage you to get back on track with your goals, especially the financial goals you set.


Surely, you have heard that you don’t have to wait for a new month or even a new year to start a goal, and that is very true. However, there is something special about the start of a month or season to encourage new beginnings. So, let’s use this Spring to spring us towards the goals we want to achieve.


Things to Consider

If you are married, an important thing to consider is your spouse. Before making goals, getting on the same page as your spouse to attack your new goal together is essential. Not only will this prevent disagreements down the road, but it will also bring you closer together and improve the bond between you and your spouse.


Another essential thing to consider is your financial plan. Are you on track with it? What still needs to be done? Is there any slack that needs to be picked up? These are important questions you should consider as you set your goals. If you do not have a financial plan, contact your advisor about making one because we believe financial plans are the answer to “Am I going to be okay in retirement?” They are important in helping you to know if you are on track and/or what you need to do to get on track.


Did You Achieve Last Year’s Goals?

If so, that’s great! If not, there is no need to let that affect this year. Maybe you have the same goal this year as last year, or perhaps it’s a new one. Either way, there is no reason to let the fact that you didn’t achieve last year’s goals keep you from reaching this year’s. Achieving a goal can be stressful and daunting enough as is, so there’s no need to carry that over from last year. And there may have been outside factors playing into why you couldn’t reach it that may be different now. It is best to leave that in the past and move on to this year.


Setting Goals

One of the most beneficial things you can do to achieve what you want in the year is to set goals. Goals can relate to virtually any aspect of your life. Whether hitting a specific number in your portfolio, exercising more, learning an instrument, cutting back on sweets, or finally completing a baby step, goals can help you visualize what you want to obtain better.


If you are unsure of a good goal for you and your situation, one of our advisors would be happy to help! Although we may not be able to help you exercise more, we can help with any financial goals or questions. Some reasonable financial goals could be setting up your emergency fund, paying off a big chunk or all of your consumer debt, finally getting life insurance and/or your estate plan situated, saving more for retirement, or anything else you would like to work on.


Having a Game Plan

The hardest part of achieving a goal is to stay consistent with the actions you need to take. A tried-and-true strategy you can use to achieve your goals is creating a game plan. Looking at a specific goal can be daunting, but taking small actions to work toward and eventually reach your goals often eases the stress of that goal. Much like Dave Ramsey’s Baby Steps, a path to financial freedom, you can create baby steps to your own goals.


Write It Out

People can have difficulty following through with their game plans once laid out. A way to hold yourself accountable is by writing it out and using it as a checklist. Creating this physical checklist is a way to keep accountability, especially if you put the list in a location where you will see it often, such as in your bedroom, fridge door, etc. Doing this will keep the list at the forefront of your mind, making you more likely to achieve it.


Hopefully, these things will help you achieve your goals in this new year! If you need any help with any financial goals, one of our advisors would be happy to help. Feel free to contact our team of advisors to talk to them about financial plans, investment strategies, or retirement. If you want to make budgeting, paying off debt, or saving for your emergency fund one of your goals this year, contact our financial coach.

Are You Ready to get back on track with your goals?

February 29, 2024

David Gearhart

Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm.  The information presented is for educational purposes only and intended for a broad audience.  The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed.  Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

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