Financial Planning Tips For The New Year

financial planning tipsImplement these six financial planning tips to start the New Year off right.

Now may be the perfect season to make some new financial resolutions that will dramatically impact your investments. If you haven’t yet reached your goals with your current financial portfolio, it may be time to make some changes for the New Year. Whether you need to sit down with your current financial planner to devise a new budget or implement tips to curb spending, these suggestions can help you get started off on the right foot. Here is a list of some of our top six financial planning tips for the New Year:

1. Becoming Free from Debt

One of the main keys to building a solid financial plan is getting out of debt. If your credit cards are at their max, you must stop using your cards and seriously begin to start paying off the balances. Begin to pay off the cards that have a large balance and charge a high interest rate and fees. As you bring your debt under control, your financial status will improve. Try using cash or a debit card for purchases, and only buy what you need. Do not add more debt to your load unless it is a saving-strategy move such as purchasing a house that will lower your overall monthly living expenses.

2. Move Forward Using a Budget

Smart financial resolutions always include a good budget. Whether you are speaking to a financial planner or a self-made millionaire, you will always hear about creating a budget. Your budget should include your monthly income and your monthly expenditures. Study your budget to see where extra funds can be used toward paying off your highest balances to begin bringing them down to a more manageable level. If you have a flexible budget, you can maneuver where extra money should be spent or shifted into an investment vehicle each month.

3. Creating a Nest Egg

It is imperative that you have a nest egg stored away where you can borrow money during an emergency. If you are currently paying off a lot of debt, you should minimize the amount of money you put toward your nest egg until your debt is paid off.

4. Keep Spending to a Minimum

Our financial planning tips must include spending habits. If you are an indiscriminate spender you will have to change your ways. Avoid stores where you are tempted to spend, and stay away from “buy now, pay later” schemes. Instead of spending more money, make financial resolutions to spend less. Study your budget plan and see where you can cut your spending. Look for sales, buy wholesale if possible, buy less, and don’t purchase what you don’t really need.

You can also work with a financial advisor to help you keep better track of spending, as most often, extreme spenders do not follow their purchases and money stream closely. For people with severe spending behaviors, consider taking part in a Shopaholics Anonymous 12-step plan.

5. Realistically Prepare for Retirement

The best financial planning tips always cover retirement accounts. If you are self-employed, you have to get creative and try to save as much as you can for retirement. Take advantage of SEP and IRA accounts as a retirement investment plan, and add as much money as possible. If you have a 401(k) plan, try to contribute as much as you can to get your employer’s highest match. When you finally do retire, you will be thankful for all the years that you saved.

6. Discover Discounts

An excellent way to save money is to look for discounts. You can start by calling your cable and phone providers and ask if they have any new packages to lower your monthly payments. The only way to get a better deal is to ask for one, so don’t hesitate to call. If you are a homeowner with mortgage insurance, and you have more than 20% of your mortgage principle balance paid off, you may be able to request that your mortgage insurance policy be canceled. You may also be able to save money by re-financing your mortgage once you have some equity in your house. This can make your monthly payments lower and also save you a significant amount of money on interest costs.

Having the right financial planning tips can make all the difference in how your money is spent and how much you can save. As the New Year approaches, financial resolutions should be at the top of your list. Learn more about creating a solid financial plan or budget at


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About Summit Brokerage Services, Inc.

Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.


About Cetera Financial Group

Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial planning advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions.  Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations.  Independent financial advisor support resources offered through Cetera include award-winning wealth management and financial planning and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology.  For more information, visit

*”Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services.


All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.


Content created by Summit Brokerage Services, Inc.

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