As we enter a new year it’s a moment to evaluate and improve our financial habits. Taking steps now can establish the foundation for a secure financial future.

Set attainable objectives. Whether it’s creating an emergency fund, paying off debts, or saving for a purchase, having targets provides direction and motivation. Break down these goals into tasks that are manageable to track your progress throughout the year.

Developing a budget is essential for achieving success. Outline your income. Allocate funds to cover necessary expenses, savings, as well as discretionary spending. It’s crucial to be realistic about your abilities while striving to live within your means. This disciplined approach will help you avoid debt while fostering money management habits.

Prioritizing the creation or replenishment of an emergency fund is highly recommended. Aim to set three to six months’ worth of living expenses in an online savings account. Having a financial safety net is essential for peace of mind and protection against expenses. It ensures that you are well-prepared to handle any challenges that life throws your way.

Take some time to review your investment portfolio and ensure it aligns with your goals, values, and risk tolerance. If needed, consider seeking guidance from an independent financial advisor to optimize your investment strategy and make adjustments based on market conditions and your evolving financial situation.

Make a commitment to tackle high-interest debt in the year. Prioritize paying off credit card balances. Additionally, regularly monitor your credit report for any errors. Work towards improving your credit score. A healthy credit profile opens doors to opportunities.

Starting the year with a strategic approach towards managing your finances will pave the way for long-term success. By incorporating these steps into your routine you’ll be on track to achieve your objectives while building a solid foundation for a secure future. All this is nothing new, just a friendly reminder. Happy New Year.

Masa Yamazaki, CPWA® CEPA® CDFA® is a Principal at Oxler Private Wealth®, an independent, family-owned and operated wealth advisory firm in Rye Brook and Manhattan, offering financial care to women and families.  For a complimentary, no-pressure conversation, please call (212) 785-2860 or visit www.oxlerpw.com