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Fiscal Fitness

Do you have fitness goals? As we begin a New Year, it is often the time we make resolutions. We use this time to reflect on changes that we want to make and mark this time as a fresh start.

Setting goals around physical fitness or fiscal fitness have a lot of commonality, especially in our approach to future success. Here are some tips to help you in becoming fiscally fit:

  1. Get Moving! It’s the action steps we chose to take that can lead to success with our finances. If you’re a beginner, start by taking a close look at your budget. Review the last three months of income and expenses to get a good idea of your bottom line. For those of you that are ready for a more advanced approach, review your retirement accounts, looking at the allocation, fees and rates of return-make a list of any questions you may have so that you can reach out to your Advisor to get clarity.
  2. Portion control: One of the keys to physical fitness is to make sure you are mindful of how much food you are consuming, paying attention to your portions. With fiscal fitness, reflect on how much you are consuming for “wants”, which can be equated to desserts! Sometimes we can satisfy our sweet tooth for these extras with just a bite, rather than a huge portion. Rather than being tempted to consume more, maybe adjust this desire with a less expensive or smaller alternative!
  3. Be Accountable: Trying to reach goals by ourselves can be challenging! By having an accountability partner, you are more likely to stay the course in taking the action steps that will lead to your success. Hint: A Financial Coach is a perfect Accountability Partner, checking in on your progress regularly and helping you to stay on track!
  4. Stay the course: Losing weight, building stronger muscle tone and building endurance takes time. So does increasing your savings and paying off debt – this is not an overnight process and it’s easy to get discouraged. If you find yourself getting frustrated, take a few deep breaths and go back to how you felt when you made your resolution. What outcome were you seeking? You probably still want that same result, so don’t give up!
  5. Celebrate your Progress: As we become more physically fit, we begin to notice that we feel healthier, stronger and notice changes to our muscle tone. Fiscally, we begin to notice changes to our mindset, finally feeling calmer and more in control of our money. As you see your savings increase and your debt decrease, you will celebrate the confidence you are gaining with your money!

Whatever your resolutions, keep your eye on the prize-the outcome you seek! Make a date on your calendar to evaluate your progress on a quarterly basis. Time flies and this year will be no exception! Here’s to your fiscal fitness and the freedom it can bring you – CHEERS!