With New Year\u2019s right around the corner, it\u2019s the perfect time to make resolutions before the calendar flips to January 1st. The 7th Annual New Year\u2019s Resolution Survey found that many resolutions made last year focused on faith, family, and personal wellness. Unfortunately, financial stability trailed far behind, with only 29% reporting financial considerations<\/a> in their New Year’s resolutions. We\u2019re hoping to change that this year by providing the top four financial resolutions to make for 2018: <\/p>\n\n\n\n Does the bulk of your annual income come from one source? Is there one slice of the pie that dominates your other income sources? It\u2019s a good idea to diversify your income streams as much as possible so you aren\u2019t dependent on one particular stream for 50% of your income.<\/p>\n\n\n\n Create a game plan to grow other income streams so that you increase your overall income and decrease your reliance on anyone source of income. This resolution is all about establishing financial security so you\u2019re prepared if something happens to your primary income stream.<\/p>\n\n\n\n Organizing your finances may be a task that gets put on the back-burner, especially when you\u2019re juggling multiple priorities. There are plenty of online tools that make it easier than ever to get organized and stay organized. Our very favorite is the AAFMAA Wealth Management & Trust Financial Dashboard, which allows you to consolidate your financial accounts on one secure dashboard and start developing your personal financial plan with helpful calculators and educational resources. If you haven\u2019t set up your Financial Dashboard yet, request yours now at wealthmanagement@aafmaa.com<\/a>. Here are a few other good tools:<\/p>\n\n\n\n Another helpful tip for staying organized is to divide your financial documents between short-term and long-term. Short-term documents could include files from the past year, such as bills, statements, tax receipts, health records, etc. Long-term files could include income tax records, inheritance papers, legal papers, reports from trusts, birth certificates, social security cards, stocks and bonds, mutual funds statements, etc. Use the filing system that you think works best for you and stick to it! Although most people don\u2019t do this, it\u2019s good practice to review your insurance policies annually. What better time to make this happen than with the change of the New Year? Review your insurance policies for your auto, home, life, business and even your umbrella policies. The umbrella policy is particularly important to focus on because, as your net worth increases, your liabilities could increase. Check for lapses in any of your coverage and make sure you aren\u2019t overpaying for a coverage that might be more affordable somewhere else.<\/p>\n\n\n\n Beyond insurance policies, take a look at your will or estate plans. Your beneficiaries or assets may have changed, so update these plans to ensure your will or estate reflect your intentions.<\/p>\n\n\n\n Finally, meet with your AAFMAA Wealth Management & Trust Relationship Manager to review your retirement plan. With a complete understanding of where you stand with your retirement savings, it\u2019s possible you\u2019ll find places to improve. Review how much you have saved, how much you’re adding each year, and whether you’ll end up with enough savings if you continue your present course. US News<\/a> recommends boosting retirement savings in the New Year, if possible.<\/p>\n\n\n\n Your financial stability impacts both your physical well-being and the well-being of your family. As you set your resolutions for the New Year, keep in mind these four important financial resolutions and check-points. <\/p>\n\n\n\nFinancial Resolution #1 \u2013 Diversify Your Income Streams<\/h2>\n\n\n\n
Financial Resolution #2 \u2013 Get Organized and Stay Organized<\/h2>\n\n\n\n
<\/p>\n\n\n\nFinancial Resolution #3 \u2013 Stop Neglecting Your Insurance Policies<\/h2>\n\n\n\n
Financial Resolution #4 – Perform a Thorough Retirement Check-Up<\/h2>\n\n\n\n