Financial Resolutions for the New Year
Charitable Giving
It’s hard to believe, but 2014 is almost over. I hope that your year has been both positive and memorable. Despite our current hardships and struggles, 2015 is full of promise and hope for all people. This time of year is when many people do their annual charitable giving. Year-end is a great time to count our blessings and give thanks for our family, health, and happiness. According to the Charities Aid Foundation World Giving Index, America is the most generous country on earth along with Myanmar. Giving back and doing something good for others is the greatest joy that you can experience. How can you lead by example for your children and model philanthropic giving?
Traditional Resolutions
Along with the New Year come a host of new, or renewed personal commitments: “This is the year that I finally____ (lose weight, start exercising, buy a house, reconnect with family, get a new job, quit my job, etc.)”. If your office is like ours, it has been flooded over the last few days with cookies, cakes, candy, peanuts and holiday treats. Not surprisingly, the statistics show that January is the peak season for new gym memberships. However, according to a friend who works for a well-known local gym, more than 60% of people that pay gym memberships don’t use them. What a great business model. I think I want to start a gym!
Financial Resolutions
As we start thinking about New Year’s resolutions, I want to lobby you to consider making some financial resolutions in 2015. Make this the year that you start contributing to your 401(k), open a Virginia 529 plan for your child, budget and track your weekly expenses, build an emergency/rainy day savings fund, or draft a will and discuss estate planning with your family. Committing to a spending budget or starting a regular saving strategy is a lifestyle change similar to quitting smoking or losing weight. It takes commitment and discipline, but I know that you can do it! Remember the ultimate goal when starting something new and keep things simple.
Looking Ahead
So what are some of your financial and non-financial goals for 2015? How are you going to make 2015 memorable and meaningful? In addition to raising backyard chickens and running a half marathon with my sister, one of my financial goals for 2015 is to draft a will and discuss estate planning with my family. On that note, I want to wish all of you a happy, healthy and prosperous New Year. I’ll see you at the gym!
