December 21, 2022

Top 5 Financial New Year’s Resolutions 

It’s a new year - a time to start fresh, dream big and set yourself up to feel more financially secure. In 2023, resolve to save for your future and protect what’s most important to you. We’ve laid out our top 5 financial New Year’s resolutions to help you feel more financially secure this year.  

1. Prioritize your financial goals for the new year.

“Whether you want to save more for retirement or your kids’ college educations, put more away in an emergency fund or pay off debt, it’s important to prioritize your financial goals to be effective at achieving them,” says Melissa Hannum, Private Wealth Consultant at COUNTRY Trust Bank.  

Try Melissa’s tips to prioritize your financial goals:

• First, save for a rainy day. Aim for 3 – 6 months of expenses in an emergency fund. 
• Next, it’s important to save for retirement BEFORE you start saving for your kids’ college educations. “While you may have a deep desire to pay for your child’s education, ensuring your own financial security first should be your top priority. There are many options available to help paying for college, but those options are not available for retirement,” said Hannum. 
• Work on paying off debt. There are a couple of different ways you can approach this, such as the avalanche method and the snowball method. Determine what works best for you. 
• Talk with a financial advisor about your goals and set up a strategy for success. Learn more about our financial services.

2. Create a budget that supports your goals.

Getting an overall view of your income and expenses will help you plan a strategy for achieving your goals. Not sure where to start? Try the 50-30-20 Budget Rule, or our budgeting worksheet to get started. Check your budget often to be sure you’re staying on track. 

3. Look for ways to save money on insurance. 

Your insurance agent can determine which discounts you may be eligible for (did you purchase a home security system or put on a new roof recently? You might qualify for a discount). You can also check into other money-saving strategies such as bundling or changing your deductible. 

Read our tips for saving money on your auto insurance. 

4. Talk to your insurance agent about coverage for your new expensive items.

Did you receive a new smartphone, expensive jewelry or other high-cost items for Christmas? Talk with your insurance rep about protection for them. 

5. Prepare for the unexpected. 

Life can throw us curve balls we aren’t expecting, and it’s important to have the right protections in place with proper home, auto and life insurance. Your COUNTRY Financial Insurance Agent can help you determine what type of coverage fits your needs at a cost you can afford. 

Check out more educational resources and tools for improving your finances.