Financial consultant provides tips for setting up success in 2023

Published: Jan. 9, 2023 at 10:26 AM EST
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HARRISONBURG, Va. (WHSV) - As the new year is in full swing, you may be taking stock of your financial health and plan decisions that will pay off in the long run.

One financial advisor in Harrisonburg says if there is one good place to start it is by creating a budget if you are not already doing so.

“Are there certain areas where you’re spending you could cut back on? Or, maybe you could save a few dollars from each paycheck so you can cushion any unexpected expenses that may come up. But reviewing your budget is important and is something that should be done periodically,” Financial consultant with Everence Financial Steve Burkholder said.

Burkholder says another thing you can do periodically to combat the inflation we are seeing is to increase the amount you are putting away for retirement or open a tax-exempt retirement account like a Roth-IRA.

Another tip Burkholder has for those looking into improving their financial success, is to analyze both immediate and long-term goals.

“Maybe it’s paying off debt or buying a house that you really want to look at and focus on for this year. You may want to take a dream trip or save for your child’s education these are all long-term goals that require some planning, and the new year is a great time to look at what some of those goals are, review them, and track your progress,” Burkholder said.

Even if you are confident in your financial moves, Burkholder adds that seeking input from someone with professional training in the field is a good idea too best build strategies and map out any future plans.