According to a survey conducted by Bankrate, more than 4 in 10 people (42 percent) said money worries have a negative impact on their mental health. Now is the perfect time to reflect upon and reevaluate progress on our financial goals and work on ways to proactively minimize the stress that money matters can bring.

Welcome to 2024 … a year filled with new opportunities and possibilities! Holistic financial planning goes beyond just budgeting and investing; it encompasses a comprehensive approach to managing your finances, targeting a secure and fulfilling life. Let’s dive into ten essential tips along with some recommended reading to help you protect your mental health and build a strong financial foundation.

  1. Define Your Goals:
    Clearly articulate short-term and long-term financial goals. Use tools like SMART criteria to make goals specific, measurable, achievable, relevant, and time-bound. Here are some books to get you inspired about your next 365 days.
    • The 100-Day Financial Goal Journal: Build a Plan for Your Financial Future
    • The 5AM Club: Own Your Morning. Elevate Your Life.
    • The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable
    • Your Goal Guide: A Roadmap for Setting, Planning and Achieving Your Goals (Goal Defining, Productivity, Work from Home)
  2. Create a Comprehensive Budget and Improve Your Spending and Savings Habits:
    Develop a detailed plan that includes savings, investments, and living expenses. A spreadsheet is always great but there are some other intuitive alternatives that could be helpful. Explore budgeting apps like Empower, Tiller Money, Simplifi, Fidelity Full View, or YNAB to establish a process in a way that is simple enough to help you to stay on track. Try building new savings and limited spending habits and consider using this resource below for some tips on how to do so. https://www.penguin.com.au/articles/3300-build-better-habits-in-4-simple-steps

  3. Establish an Emergency Fund:
    Build an emergency fund for those unforeseen expenses that can catch you off guard and impact your budget. Having that emergency fund at the ready and the proper coverage can make all the difference in putting your mind at ease so you can feel secure and prepared.

    Check out this emergency fund calculator to get an idea on how much you should have on hand https://www.nerdwallet.com/article/banking/emergency-fund-calculator.
    No need to worry about getting it all saved at once, just take the first step and plan to build toward your goal.

  4. Manage Debt Responsibly:
    Prioritize high-interest debt repayment. Consider debt consolidation options like zero interest balance transfers when and if favorable interest rates are available for more manageable payments. When applicable, research and utilize cashback programs already available to you as another way of saving.

  5. Plan Ahead for the Following Tax Season:
    April 15th is this year’s tax filing deadline, and even though a filing extension is available it is always a good idea to connect with a tax professional before February hits. While a tax filing extension is available until October 15th and there is no penalty for filing a tax extension… not paying on time or enough, or failing to file altogether, may cost you. If you the IRS charge you interest and penalties on the unpaid balance until you pay the full amount.

    Working with a tax professional can often help develop your “Big Picture” when looking at your financial goals. A few items that come to mind that could impact your financial landscape include year-to-year income variations, tax-loss harvesting, marriage, change in dependents status, and unexpected “gifted” assets. All of these circumstances present an opportunity to reconsider your financial outlook for the year.

     

    Check out our 30-minute presentation on tax considerations as we evaluate the implications of legislative provisions that could impact your current tax plan over the next few years.https://atlaspwm.com/planning-for-the-sunset-tax/

  6. Invest for the Long Term:

    Diversify your investments across different asset classes. There are many strategies out there and our goal is to invest your hard-earned dollars in a way that best supports where you are now and to plan for the future, based on your risk tolerance
    Learn more about our approach to investing: Think about any biases individuals may hold while making investment decisions: Get an understanding of ESG…
  7. Plan for Retirement:
    Contribute consistently to retirement accounts. Explore strategies for tax-efficient retirement savings using resources.
    • Things to think about when planning for retirement
      https://atlaspwm.com/that-holy-grail-called-retirement/
    • Understand the benefits and tax savings potential of retirement plans
      https://www.irs.gov/retirement-plans/plan-sponsor/benefits-of-setting-up-a-retirement-plan
    • Consider whether to self manage or engage a professional for your retirement plan https://atlaspwm.com/atlas-retirement-plan-management/
      Protect Yourself and Your Assets:
      Reviewing your policies annually or in advance of their renewal period is a great way to identify savings and make updates to fit your current coverage needs in your life. Evaluate and secure adequate insurance coverage to protect your assets and loved ones in the event of a more costly and potentially devastating event.
      • Life Insurance – Protects your income in the event of death.
      • Disability Insurance – To protect your income in the event of disability.
      • Property and Casualty (P&C) – For your home, cars, boat, etc.
      • Long-term Care – Protects your assets.

  8. Set up Your Estate Plan to Leave a Legacy:
    Create or update your will and other estate planning documents. Learn about the basics of estate planning and explore resources available through Nolo before you speak to an attorney.

     

    Try using the My Personal Atlas as a starting guide for you and your family
    https://atlaspwm.com/my-personal-atlas-editable/

     

    Explore insightful books on legacy planning like “The Legacy Journey” by Dave Ramsey and “The Legacy Code” by Mark A. Winters. Check out our webinar on Successfully Transferring Wealth for a quick 30-minutes on what a legacy plan could look like from mindfulness and philanthropy to caregiving considerations…https://www.youtube.com/watch?v=dBbnLtmhP2w&t=112s

  9. Calendar Regular Financial Check Ups:
    Schedule regular reviews of your financial plan to track progress and make modifications. Things happen… adjust your plan based on life changes and evolving goals. Review your own plan as a personal gut check and schedule regular meetings with your advisor. If you don’t have an advisor, don’t hesitate to schedule a complimentary exploration meeting with one of our advisors https://atlaspwm.com/team/?filter-positions=wealth-management-advisors.

Sometimes the gift of knowledge and support are the best kinds of gifts to give and receive. While it is not its own tip, we would add that committing to continuous learning and skill building should be a part of any good strategy to stay informed about financial trends and markets. Nudging the next generation in your family to cultivate their financial literacy through courses on platforms like Coursera and Khan Academy might be a great place to start. You may even consider inviting them to a meeting with your advisor.

As we step into the new year, commit to building a strong financial foundation that goes beyond the conventional. By incorporating these holistic financial planning tips into your life, you’ll not only secure your present but also leave a meaningful legacy for future generations. Whether the need is a little help or a lot of help, we’re here to support you and the people in your life. Happy planning and cheers to a financially empowered year ahead!

P.S. If you like what you’re reading please pass it along 😊

[1] https://www.bankrate.com/personal-finance/financial-wellness-survey/

  1. Define Your Goals:
    Clearly articulate short-term and long-term financial goals. Use tools like SMART criteria to make goals specific, measurable, achievable, relevant, and time-bound. Here are some books to get you inspired about your next 365 days.
    • The 100-Day Financial Goal Journal: Build a Plan for Your Financial Future
    • The 5AM Club: Own Your Morning. Elevate Your Life.
    • The Miracle Equation: The Two Decisions That Move Your Biggest Goals from Possible, to Probable, to Inevitable
    • Your Goal Guide: A Roadmap for Setting, Planning and Achieving Your Goals (Goal Defining, Productivity, Work from Home)
  2. Create a Comprehensive Budget and Improve Your Spending and Savings Habits:
    Develop a detailed plan that includes savings, investments, and living expenses. A spreadsheet is always great but there are some other intuitive alternatives that could be helpful. Explore budgeting apps like Empower, Tiller Money, Simplifi, Fidelity Full View, or YNAB to establish a process in a way that is simple enough to help you to stay on track. Try building new savings and limited spending habits and consider using this resource below for some tips on how to do so. https://www.penguin.com.au/articles/3300-build-better-habits-in-4-simple-steps

  3. Establish an Emergency Fund:
    Build an emergency fund for those unforeseen expenses that can catch you off guard and impact your budget. Having that emergency fund at the ready and the proper coverage can make all the difference in putting your mind at ease so you can feel secure and prepared.

    Check out this emergency fund calculator to get an idea on how much you should have on hand https://www.nerdwallet.com/article/banking/emergency-fund-calculator.
    No need to worry about getting it all saved at once, just take the first step and plan to build toward your goal.

  4. Manage Debt Responsibly:
    Prioritize high-interest debt repayment. Consider debt consolidation options like zero interest balance transfers when and if favorable interest rates are available for more manageable payments. When applicable, research and utilize cashback programs already available to you as another way of saving.

  5. Plan Ahead for the Following Tax Season:
    April 15th is this year’s tax filing deadline, and even though a filing extension is available it is always a good idea to connect with a tax professional before February hits. While a tax filing extension is available until October 15th and there is no penalty for filing a tax extension… not paying on time or enough, or failing to file altogether, may cost you. If you the IRS charge you interest and penalties on the unpaid balance until you pay the full amount.

    Working with a tax professional can often help develop your “Big Picture” when looking at your financial goals. A few items that come to mind that could impact your financial landscape include year-to-year income variations, tax-loss harvesting, marriage, change in dependents status, and unexpected “gifted” assets. All of these circumstances present an opportunity to reconsider your financial outlook for the year.

     

    Check out our 30-minute presentation on tax considerations as we evaluate the implications of legislative provisions that could impact your current tax plan over the next few years.https://atlaspwm.com/planning-for-the-sunset-tax/

  6. Invest for the Long Term:

    Diversify your investments across different asset classes. There are many strategies out there and our goal is to invest your hard-earned dollars in a way that best supports where you are now and to plan for the future, based on your risk tolerance
    Learn more about our approach to investing: Think about any biases individuals may hold while making investment decisions: Get an understanding of ESG…
  7. Plan for Retirement:
    Contribute consistently to retirement accounts. Explore strategies for tax-efficient retirement savings using resources.
    • Things to think about when planning for retirement
      https://atlaspwm.com/that-holy-grail-called-retirement/
    • Understand the benefits and tax savings potential of retirement plans
      https://www.irs.gov/retirement-plans/plan-sponsor/benefits-of-setting-up-a-retirement-plan
    • Consider whether to self manage or engage a professional for your retirement plan https://atlaspwm.com/atlas-retirement-plan-management/
      Protect Yourself and Your Assets:
      Reviewing your policies annually or in advance of their renewal period is a great way to identify savings and make updates to fit your current coverage needs in your life. Evaluate and secure adequate insurance coverage to protect your assets and loved ones in the event of a more costly and potentially devastating event.
      • Life Insurance – Protects your income in the event of death.
      • Disability Insurance – To protect your income in the event of disability.
      • Property and Casualty (P&C) – For your home, cars, boat, etc.
      • Long-term Care – Protects your assets.

  8. Set up Your Estate Plan to Leave a Legacy:
    Create or update your will and other estate planning documents. Learn about the basics of estate planning and explore resources available through Nolo before you speak to an attorney.

     

    Try using the My Personal Atlas as a starting guide for you and your family
    https://atlaspwm.com/my-personal-atlas-editable/

     

    Explore insightful books on legacy planning like “The Legacy Journey” by Dave Ramsey and “The Legacy Code” by Mark A. Winters. Check out our webinar on Successfully Transferring Wealth for a quick 30-minutes on what a legacy plan could look like from mindfulness and philanthropy to caregiving considerations…https://www.youtube.com/watch?v=dBbnLtmhP2w&t=112s

  9. Calendar Regular Financial Check Ups:
    Schedule regular reviews of your financial plan to track progress and make modifications. Things happen… adjust your plan based on life changes and evolving goals. Review your own plan as a personal gut check and schedule regular meetings with your advisor. If you don’t have an advisor, don’t hesitate to schedule a complimentary exploration meeting with one of our advisors https://atlaspwm.com/team/?filter-positions=wealth-management-advisors.

Sometimes the gift of knowledge and support are the best kinds of gifts to give and receive. While it is not its own tip, we would add that committing to continuous learning and skill building should be a part of any good strategy to stay informed about financial trends and markets. Nudging the next generation in your family to cultivate their financial literacy through courses on platforms like Coursera and Khan Academy might be a great place to start. You may even consider inviting them to a meeting with your advisor.

As we step into the new year, commit to building a strong financial foundation that goes beyond the conventional. By incorporating these holistic financial planning tips into your life, you’ll not only secure your present but also leave a meaningful legacy for future generations. Whether the need is a little help or a lot of help, we’re here to support you and the people in your life. Happy planning and cheers to a financially empowered year ahead!

P.S. If you like what you’re reading please pass it along 😊

[1] https://www.bankrate.com/personal-finance/financial-wellness-survey/