As the year comes to a close, many are starting to think about their financial goals for 2025. This transitional period offers a prime opportunity to evaluate one’s financial health and set actionable objectives.
NTD reached out to Lawrence Sprung, a certified financial planner and the founder of Mitlin Financial, to gather expert advice. Sprung emphasizes the importance of proactive financial management to ensure a healthier monetary future.
Evaluating Your Financial Health
Assessing one’s current financial situation is the first step towards improvement. This includes taking stock of assets, liabilities, income, and expenses. Sprung suggests writing down your financial status in order to create a baseline for growth.
Setting Realistic Financial Goals
When it comes to setting goals, Sprung stresses that they should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, instead of setting a vague goal to “save more money,” aim to save a specific amount each month.
Creating a Budget
A well-structured budget is crucial for managing finances effectively. Sprung advises individuals to categorize their spending into needs, wants, and savings. Regularly revisiting and adjusting the budget can lead to unexpected financial stability.
Seeking Professional Guidance
If managing finances feels overwhelming, consulting with a financial adviser can be beneficial. Sprung states, ‘A financial planner can provide personalized strategies tailored to your unique situation.’
Conclusion
As 2025 approaches, taking control of your financial health can lead to significant improvements in your overall well-being. With targeted goals and a strategic budget, financial wellness is achievable.
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