Spring is the perfect time to revisit financial resolutions, clean up financial paperwork, start a 2024 tax folder, review withholding, talk to a tax preparer, max out retirement plan contributions, name beneficiaries, review and update estate plans, book 2025 vacations, review investment portfolios, consider high-yield savings, and check credit card interest rates to ensure financial health and preparedness.
Financial experts recommend making financial resolutions automatic to ensure success in saving more, managing money better, and investing for retirement. Key strategies include prioritizing credit card debt repayment, building an emergency fund with three to six months' living expenses, and investing at least up to the employer's match in a 401(k) plan. Setting up auto-payments and automatic deductions from paychecks can help maintain discipline, especially when funds are tight due to inflation and the high cost of living. The overall advice is to "pay yourself first" by saving a portion of your income before addressing other expenses.
