The new year has begun, and that means there’s very little you can change at this point to impact your financial goals for 2014. But it’s a great opportunity to look ahead and see what you may do to potentially help you reach your financial goals for 2015. In a previous blog post, we mentioned some New Year’s resolutions you might consider making. The following tips are of a similar nature and are things you may consider doing soon in order to take full advantage of the year ahead.

Set expectations and actions for specific accounts – You may have a portfolio of mixed equity assets with no real idea of how you expect them to perform. But right now may be a great time to decide what you expect out of these investments. You can then check their performance at some point later in the year to decide if they’re over-performing or under-performing, and, if necessary, make adjustments so that you are tracking with your strategic financial plan. A value averaging strategy might work for you here.

Set a budget – Budgets may be tedious, but for many people they are absolutely essential. Know how much you plan on spending on each of your essential needs, then branch out from there (and do your best to stay as close to your targets as possible).

Assess your spending habits – This should be fairly simple to evaluate. Are you spending too much? Is your budget taking a beating? Do you even know where your money is going each month? Answering these questions may make your 2015 financial plan a lot easier to stick with.

Organize your debt – One way to do this is to list all of your debts from highest interest rate to lowest, then make a plan to start paying them off. Some people prefer to pay off the debt with the highest interest rate first, while others prefer to pay off the lowest overall debt balance before anything else. Whichever method you choose, try to make sure that your debts are under control. Losing track of this may be devastating to your financial health.

Strategic financial planning and budgeting can be complex, and plans and budgets can be challenging to implement. If you have questions on how to build your budgeting and planning strategy, call us today at 800-644-1150.

Information presented should not be considered specific tax, legal, or investment advice. You should always seek counsel of the appropriate advisor prior to making any investment decision. There is no guarantee that any investment strategy will be successful. The strategy involves investments subject to risks, fees and expenses.
Investment advisor representatives of Lucia Wealth Services, a registered investment advisor, are also registered representatives of, and offer securities through, Lucia Securities, LLC, a registered broker/dealer, member FINRA/SIPC. Lucia Wealth Services and Lucia Securities, LLC are wholly owned subsidiaries of Lucia Capital Group.

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