This article was originally published December 29, 2011. In the spirit of ongoing financial wellness, we thought we’d give 12 Simple Steps to Financial Success a refresh for 2021 and repost. Happy new year!
The new year is upon us, and January is always a good time to look towards the future and recommit to past personal finance goals or create new ones. Just in time to round out your new year’s resolutions, here are some simple steps all independent women can take for a more financially successful 2021.
12 Simple Steps to Financial Success This Year:
- Develop a habit of saving. It’s never too early or too late to start.
- Build a budget that aligns with your values. Think about what makes you happy and then allocate your money accordingly.
- Create a financial plan that reflects your most cherished goals. Think of it as a roadmap to happiness.
- Invest the maximum amount you can for retirement. You will need more money than you think.
- Build and maintain a diversified investment portfolio. Don’t worry about finding the “best” investment.
- Review your spending periodically to keep yourself on track. It’s the key to living within your means.
- When it comes to investing, avoid the crowd—and tips from well-meaning friends and relatives.
- Understand that volatility is a normal occurrence when investing in stocks. Keep a cool head and stick to your plan.
- Know what your money is doing. They say ignorance is bliss, but that’s not the case when it comes to your finances.
- Insurance protects you from the unexpected. It’s just smart to have the right coverage.
- Choose your advisors wisely: Find people you like, trust, and who will listen to you.
- Spend on the things and experiences that make you happy. They make life worth living!
Your New Year’s Challenge
Choose one of these 12 simple steps to financial success as your new year’s resolution for your finances and write a short (200–250 word) journal entry describing how you’ll put it into action. Studies show that just writing down your goals increases the likelihood that you’ll achieve them. Then, review your plan routinely throughout the year so your resolution is always front-of-mind.
If you’d like to work on any or all of these steps with a trusted financial partner, please get in touch. We are here to help!
