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Favorite Five Financial Resolutions for the New Year

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Favorite Five Financial Resolutions for the New Year
Not feeling financially fit as you enter 2020? If you take it one step at a time, there’s a lot you can do to improve your financial health.

1. Learn what you’re spending.
• Build and balance a budget, understand where all your money is going. Trim unnecessary fat. You may not realize how much business you’ve given Starbucks in the past month. Look at what can be cut out entirely, like that streaming service you haven’t turned on in 3 months or the gym membership you don’t use. Cancel! These small auto-payments of $10-$20 seem small but add up very quickly over time.
2. Manage your debt.
• Get those credit cards balances under 30% usage and make sure you are paying down any outstanding debts and not being buried in the interest rates.
• Check to see if a more favorable rate is available.
• Check to see if there is a favorable repayment program for any student loans or outstanding debts you feel are overburdening you.
3. Build a Nest Egg.
• Having a 3 month safety cushion of savings will take a big weight off your back when the unexpected occurs, like medical bills, car repairs, loss of employment, etc. Treat that number, (say $10,000) as “0” for your account. Do not drop below it! You want a nest egg to dip into in the event of an emergency, or whatever surprises life brings.
4. Put money to work.
• Start contributing to tax-favorable retirement accounts or at least risk-friendly investments.
• Build a contribution plan for excess cash that can start to grow and gain that compound interest.
5. Make sure your legacy is secure.
• Review life insurance policies and needs.
• Review any legal documents such as trust and wills. Make sure the beneficiaries are correct.
• Calculate your retirement savings based on current contributions and determine any necessary change.

Life gets in the way of even the best intentions to budget, save, and manage your debt. Taking control of your finances instead of letting them control you is easier than you think. The best financial resolutions for the New Year, whether you are a seasoned investor or just starting to dip your toe in the water, should include optimizing your portfolio and making it as tax-efficient as possible, making sure you are prepared for the unexpected, and protecting your family and estate.

CONTACT US: At TFGFA, we believe in a 360 degree, customized approach instead of “on-size-fits-all.” Feel free to contact me, Cory Lyon, directly at 561-209-1120, with any questions regarding customized financial investment strategies. It is never too early to start budgeting, saving, and investing, or never too late to reexamine an established portfolio in light of changing future needs. At TFG Financial Advisors, our goal is to assist you in making informed decisions. We believe in personalized asset management, and I act as a fiduciary for all my clients.

TFG Financial Advisors, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.

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