Boost Your Finances Year-Round with a One-Hour January Strategy
Managing finances at the start of a new year often feels overwhelming. Many individuals postpone this important task due to its daunting nature. However, financial expert Barry Glassman believes it doesn’t have to be complicated or time-consuming.
One-Hour Financial Strategy for January
Glassman, the founder of Glassman Wealth Services, suggests dedicating just one hour to organize your finances. This simple time commitment can yield significant results for the year ahead.
Key Steps in Your Financial Plan
- Set Up Automated Payments: Dedicate time to establish automated schedules for bills and savings.
- Review Retirement Contributions: Examine your 401(k) holdings to ensure you’re receiving any employer match available.
- Analyze Spending: Look over last year’s credit card statements to understand spending patterns.
- Discuss Expenses: If cohabiting with a partner or roommate, openly discuss shared expenses and priorities.
- Prioritize Savings: Decide on a feasible amount to direct toward an emergency fund, starting small if necessary.
Institutionalizing Savings
Glassman emphasizes that every little bit counts. Whether it’s $5 or $100 a week, starting conservatively is often the best choice. Over time, these small contributions can grow significantly.
Utilizing Technology for Financial Planning
To assist with financial planning, consider using AI chatbots. These tools can provide personalized recommendations on saving and investment strategies.
Conclusion
Embracing a simple and structured approach to your finances in January can set the tone for financial well-being throughout the year. By dedicating just one hour, you can effectively boost your finances year-round.
