Three Financial Strategies to Start 2019 Off Right

Financial planning is not always easy, but a new year is a great time to recommit to it and do it in a way that works for you. Unfortunately, many people avoid this kind of planning because they are not sure where they should start or what decisions are most important. Here are three financial strategies you can consider right now, to help make your 2019 better for your bank account and your overall financial security.

1) Set Up a Realistic Budget

Having a budget is one of the best ways to see where your money is going and if there are areas where you can make changes. With the right financial planning, there is a much better chance of making your money work for you. A budget is a large part of that, because it gives you a plan and a way to see where adjustments are needed. You can save, spend as necessary, and plan for larger expenses so you can feel more financially secure.

2) Work With a Financial Planner

Remember that financial planning does not have to be something you do alone. It can be a great idea to work with a financial planner so you can get the tools you need for success. Working with a planner lets you ask questions, get the answers you need, and put those answers into action to improve your financial picture. Whether you are just starting to build a portfolio or you have a lot of wealth you want to protect, a financial planner can help you feel confident about your goals for the future.

3) Create an Emergency Fund

Everyone should have an emergency fund. For people who are just getting started financially it is generally recommended to save up enough money to pay bills and living expenses for a month. People who are older or who have more wealth, though, may want to consider saving six months or even a year of living expenses in case of job loss, medical problems, or other unexpected issues. An emergency fund can lower the risk of getting into credit card debt and experiencing financial difficulties.

With the right strategy, you have the opportunity to make 2019 a stronger financial year. Creating an emergency fund, talking to a financial planner (like the experienced team at Larry Turner, CPA) and developing a budget should all be part of that strategy. Not only can those things help you financially, but feeling more secure monetarily can reduce your stress and give you the opportunity to do more of the things you enjoy as well.