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Resetting Your Financial Goals & Values At The End Of The Year

As we approach the end of the year, it’s the perfect time for some personal reflection. Reviewing your personal goals, celebrating achievements, and realigning your values with your finances can be a powerful exercise. Let’s dig into what a “financial reset” can look like and how it can help you build a plan for 2024 goals with confidence.

Revisiting Your Initial Financial Objectives

Take a moment to revisit the financial goals you set for yourself at the beginning of the year. While those goals may have been meaningful, consider whether they still resonate with your evolving values. Your financial aspirations should reflect your priorities, and it’s perfectly okay if they’ve shifted over time.

For instance, you may have aimed for a promotion at your current job with the prospect of increased stock compensation and cash flow. However, it might be time to reassess if you’ve experienced a cultural change in the work environment or if management has shifted. Don’t be afraid to explore new career opportunities that align better with your current lifestyle and financial objectives. 

Pivoting your initial goals to better reflect what you want out of your lifestyle can feel nervewracking or like you’re “giving up.” But this isn’t necessarily the case! Ultimately, your finances need to grow and evolve as you do. Sticking with stagnant goals that don’t excite you anymore isn’t going to help you get to where you want to be, and you may fall behind in making progress if you don’t feel like you’re working toward goals that are valuable to you personally.

Identifying Your Current Financial Priorities

Take a step back and recalibrate your financial priorities, emphasizing personal experiences over material possessions. Think about what brings you joy and fulfillment in your daily life. Instead of being lured by the shiny appeal of more “stuff,” consider the value of investing more time and resources into meaningful personal priorities and goals.

This might look like making small changes – for example, you could adjust your spending habits and your calendar to put more resources toward spending quality time with those you love through travel, day trips, or even family dinners out with the grandkids. Or It may look like bigger shifts in your financial life, like adjusting the retirement lifestyle you always envisioned, including moving to be by your adult children or having a second home near loved ones.

This introspection can pave the way for a more intentional and rewarding financial journey and help you set clear goals that are backed by values heading into the new year.

Making Personal Aspirations a Financial Reality

Turning these individual aspirations into reality requires a financial strategy. Allocate resources for personal growth and experiences as diligently as you would for any other financial goal. If you find certain expenses no longer contribute to your fulfillment, trim them from your budget. If you need to redirect funds from previous goals, do so in favor of your new personal objectives.

This is where partnering with your financial planning team can be helpful. Having a partner in your corner who can chat and collaborate with you as your values change with time can help you ensure that you’re on track and that your financial progress is shifting to meet your new goals.

Overcoming Challenges and Staying Committed

Whether you’re doing a big or a small reset in your finances, you may encounter some challenges that make it tough to stay the course. At the end of this year, take time to proactively brainstorm what roadblocks might bubble up and how you can navigate over or around them to keep progressing. This might look like meeting with your financial advisor, or a spouse or partner, to discuss your priorities and how you’ll handle setbacks together. 

Clearly communicate your expectations for yourself and your finances, and make a plan to hold yourself accountable. This might look like meeting with your spouse or partner regularly or sitting down by yourself to go through your day-to-day finances, celebrate milestones along your financial journey, and refocus to stay motivated.

Onward and Upward

Life circumstances change, and being open to adjusting your goals ensures that they continue to resonate with your journey. If this is a conversation you’d like help with or want a partner to discuss your goals and how your finances can help you achieve them, we encourage you to reach out. We’re here to support you and help set you up for success as you enter the new year! 

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