As you prepare for 2020, here are our top 10 financial resolutions for your New Year’s list:

Slash debt – Cut back on debt, especially high interest credit cards. 

Save more – Save smartly with automatic retirement contributions and monthly savings.

Spend less – Find creative ways to lower your monthly expenses: buy higher quality products that last longer, stay current on home maintenance to avoid more costly repairs down the road, and go in for preventative health checkups.

Get educated – Learn more about finances.  The “Insights” and “Market Commentary” pages of our website, as well as the financial tips we regularly share to our Facebook page, are great places to start. And it’s never too early – encourage your children, grandchildren, and other young people in your life to learn more about finances.

Relax more – Stick to your long-term financial plan and ignore the day-to-day noise.  The key is matching your portfolio to risk tolerance to keep from risking more than you’re comfortable losing.  Take our Riskalyze questionnaire to learn more about your ideal risk tolerance.

Simplify your financial life – Simplify your financial life: consolidating accounts, cleaning out old files, and automating savings and bills.  Also, use your Truuwater client site as a secure portal for tracking all financial accounts and important documents in one place.

Protect yourself – Make sure you and your family doesn’t face any unexpected risk, such as gaps in your insurance, too much exposure to a single stock, or identity theft.

Give back – Use your finances creatively to support family and charity.  A tip on charitable giving: if the higher standard deduction from the Tax Cuts and Jobs Act leaves you unable to deduct your usual charitable gifts, consider bunching your deductions by giving a few years’ worth of donations at once into a Donor-Advised Fund.  Get a double tax break by donating appreciated complex assets, avoiding taxes on all capital gains.

Get credit-smart – Protect yourself from identity theft: freeze your credit, monitor your credit cards, run free annual credit reports, and consider third-party monitoring services.

Enjoy life – Don’t try to do everything yourself; never be afraid to get financial help as needed so you can be free to follow your passions.  We’re always available to answer questions, run an in-depth analysis of your portfolio, or complete a comprehensive financial plan.