[thrive_headline_focus title=”New Year Financial Resolution” orientation=”left”]

According to the Fidelity New Year Financial Resolutions Study (that was completed late in 2013) 54% of Americans were considering making a New Year resolution regarding their finances, as compared to 35% who reported this in 2009. As New Year receded into a snow storm, there were probably even more of us who made a financially-related New Year resolution, in addition to others.

The top three financial New Year resolutions are:

• saving more (54%)
• Paying off debt (24%)
• Spending less (19%)

Survey respondents favored long term financial goals over short term goals by 53% to 39%. The leading long term financial goal was saving for retirement in a tax deferred account such as a IRA or a 401(k) (53%), followed by savings for college (35%) and saving for retirement health care costs (28%).

However, our good intentions notwithstanding, almost half of us were concerned that the continuing uncertainty around the economy, the debt ceiling struggles, and the ongoing threat of higher interest rates could deter our good resolutions. In addition, as we all know from experience, New Year resolutions are not easy to implement. How are you doing with your New Year resolution?

While we may not be able to help you stick to your gym routine, we can help you with financial New Year resolution. Here are a few things to keep in mind:

• Make a plan! It is very easy to stray when you haven’t set specific goals for yourself.   We can show you how to get your plan in order.
• Determine risk. The proper level of risk is different for every investor. We can help make sure you are not taking on more risk than you are willing to take. If you are concerned that the market has become too exuberant, pay particular attention to risk.
• Consolidate. Are your investment accounts scattered? Combining old or ineffective accounts can maximize your return and make tracking your investments much easier.
• Know what it is costing you. Beware of hidden fees and costs that can impact your investments. We make sure you are aware of all costs and fees to ensure you know exactly where and how your investment dollars are being spent.

Every good New Year resolution needs a support system. A best friend to keep you honest at the gym. A house mate to give you the eye when you head to the fridge. And a financial planner to guide you to the most informed investment decisions. Contact us so today so we can help you put your New Year’s resolutions back on track.

A previous version of this post was published in the Boston Globe