09 Jan 2015

New Year, New You – Resolve to Improve Your Financial Health!

0 Comment

New Year, New You – Resolve to Improve Your Financial Health!

Every year many of us resolve to eat better & exercise more – to improve our physical health.  This year add a plan to improve your financial health and here’s why:

Just like exercise improves your well-being, so does having a financial plan and knowing where your money is going gives you confidence in your financial well-being and peace of mind.  As a side note, when I write down my resolutions I generally try to attach a reward.  Much like purging my closet one year created a freer environment, it allowed me to update my wardrobe and donate to local charities.

Here’s your goal for 2015:

  1. Identify and cut unnecessary costs
  2. Organize your financial records and the heaps of associated paperwork that have built up over time
  3. Build and maintain a budget – with a fee-only Advisor such as call All Star Financial*

Below is your Financial Health – Plan of Action:

January – Gather the inventory of financial statements; from mortgage(s), credit cards, 401(k)s, checking & savings accounts, loans, brokerage accounts, home/auto/health/cabin/boat, etc. insurance contracts (for annual quoting), receipts, warranties, etc.  Most of your financial statements will arrive by mail or be available electronically by mid-month.

February – Organize all balances to decide what to merge (401(k) accounts, credit card balances, etc.).

March – Complete your taxes or organize them for your accountant (call All Star Financial for tax-preparation support).

April – Review 2014 expenses and develop an ongoing budget (several websites offer expense-tracking software ie: Mint.com, HelloWallet.com.  Consider calling All Star Financial for personal support).

May – Implement new budget and reallocate spending into different buckets, as needed.

June – Go paperless! Photocopy front & back of all credit, insurance, ATM cards and stow in a fire-proof case.  Photocopy passports for the family and stow in a fire-proof case.  Scan in all insurance policies and keep the image files on the home computer.  Don’t forget about your Will, Health Care Directive, and other legal contracts you may have.

July – Celebrate your independence and success of reduced stress and improved financial health!

August-December – Keep up the good work and update your budget as needed.

*If you are interested in support with building and managing your Financial Health, give us a call at 952-896-3820.

At All Star Financial, we are experienced and dedicated to helping our clients achieve their goals!  We are dieticians when it comes to money management.  Unlike butchers who suggest a different variety of the same thing, we evaluate our client’s needs, like a dietician – suggesting appropriate ingredients for a healthy financial plan.  We help build wealth and retain wealth.  We do not collect commissions.

Call us today at 952-896-3820.

Have a Safe and Happy New Year!

[top]
About the Author
Kristie Brenner


VP & Business Leader, Retirement Plans - As our resident retirement plan expert, Kristie brings to our team over 20 years of experience in helping clients mitigate fiduciary risk. She optimizes our client’s 401(k) Investment Performance, Fee Structure & Risk Management. Kristie’s focus is on you; the Fiduciary, to ensure plan compliance, competitive design & that your most valuable asset; your employees, achieve retirement readiness. Kristie is your professional problem solver, investment advisor, negotiator & legislative researcher. Staying compliant & fulfilling your fiduciary duties at the lowest cost possible is what you will experience working with her. Kristie delivers analytical expense reviews, vendor management oversight, provider benchmarking comparisons and marketplace searches, investment fund consulting and industry analysis to a wide range of clients. Kristie received a Bachelor of Arts in Business Degree from the University of St. Thomas, St. Paul, Minnesota. In her spare time, Kristie enjoys Latin & Ballroom dancing, climbing mountains including Kilimanjaro, Machu Picchu, Cinque Terra, etc. and traveling the globe.

Leave a Reply

Your email address will not be published. Required fields are marked *