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Starting Fresh: Your Comprehensive Guide to a Financial Reset in 2024

Dec 22, 2023 Personal
saved coins behind 2024

As we bid farewell to another year, it’s time to embrace the promise of a fresh start in 2024. The holiday season might have left your bank account feeling a little lighter than usual, but fear not — the New Year is the perfect time for a financial reset. And what better resolution can there be than taking control of your finances?

Step One: Assess Your Financial Situation

The initial phase in any financial reset is gaining a comprehensive understanding of your current financial standing. To do this, you need to calculate your net worth – a critical indicator of financial health. Begin by adding up all your assets, which can include everything from your cash in hand, savings and checking accounts, to real estate properties, investments, and even your car.

Once you have a total for your assets, it’s time to tally up your liabilities. This includes all forms of debt such as credit cards, student loans, mortgages, and any other outstanding obligations you may have.

Subtracting your liabilities from your assets will provide you with your net worth. This figure is a clear snapshot of your financial health and serves as a financial compass, guiding you toward realistic and achievable goals for the year ahead. Remember, a negative net worth is not a cause for panic but rather a starting point for improvement.

Understanding where you stand financially is not just about knowing your numbers; it’s about grasping the reality of your financial situation. This clarity empowers you to make informed decisions and take proactive steps towards financial stability and growth in the New Year

Step Two: Prioritizing and Optimize Retirement Account Contributions

retired couple reviewing finances on laptop in kitchenFollowing the assessment of your financial landscape, shift your focus towards your retirement accounts. If you’ve been inadvertently overlooking them, now is the opportune moment to recalibrate and amplify your contributions. Regardless of the amount being small or large, it’s crucial to understand that every contribution counts. Thanks to the power of compounding, even modest amounts can accumulate into a substantial nest egg over time. Remember, it’s not just about saving; it’s about growing your wealth for a secure and comfortable retirement.

Step Three: Revising Savings Goals and Tackling Debt

Updating your savings goals is another crucial aspect of a financial reset. Whether you’re saving for a down payment on a house, a vacation, or an emergency fund, setting clear, achievable goals can motivate you to stay on track.

Now, let’s talk about debt. It’s easy to accumulate debt, especially during the holiday season. Make a plan to pay it down. Start with high-interest debt first, like credit cards, and work your way down. Remember, paying off debt is a form of saving too!

Step Four: Identifying and Enhancing Spending Habits

Identifying habits that have compromised past financial health is also essential. Did you overspend on dining out or online shopping? Recognize these patterns and create a plan to change them.young woman shopping online with her debit card from her couch

A financial reset isn’t just about cutting back. It’s also about aligning your money habits with your values. For instance, do you value experiences over material goods? Or do you want to invest more in your health and wellness? Reflect on these questions, and let your answers guide your financial decisions in the New Year.

As we continue to move into a post-pandemic world, it’s even more crucial to be prepared for uncertainties. Having a Plan B is always a good idea. This could involve diversifying your income streams, investing wisely, or building a robust emergency fund.

Lastly, remember that a financial reset is a journey, not a destination. It’s about making consistent progress towards your goals. So, don’t be too hard on yourself if you have setbacks. What’s important is that you’re taking steps in the right direction.

At BankSouth, our team of experts and banking tools help you navigate your journey toward financial resetting. We offer a wide range of services tailored to meet your unique needs. Whether you’re looking to save, build a budget, or plan for retirement, we’ve got you covered.

So, as you raise a toast to the New Year, make a resolution to take charge of your finances. Here’s to a prosperous and financially healthy New Year!

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