• Ryan P. Cleary

Is Now the Right Time to Assess Your Financial State?

Updated: Aug 2, 2019


There is never a bad time to step back and look at the state of your finances. However, the FloatMe Financial Wellness team considers January the best time to look at the year ahead and start the process of planning for major life events. Why? Great question.


Bonus: We’ve included a helpful worksheet you can use to evaluate your financial circumstances! Check it out here


Holiday spending is over

For the most part, January is a low-spend month for holidays and related expenses. While you may have some bills still to pay off (remember to pay off your credit card in full!) you can use the month to get a reasonably accurate idea of your baseline spending each month.


Insurance changes are taking effect

January is when most insurance plans through the healthcare marketplaces and many employer plans change rates and coverage. As a result, this is the first month when you will see your new bills and premiums (though we hope you don’t have an unplanned doctor visit!)


New Year’s resolutions

Nearly half of all Americans make New Year’s resolutions, but only 8% are likely to complete them. The good news is that Fidelity Investments found that those who set financial goals or resolutions are far more likely to successfully complete them—to the tune of 74%. With so many people ready to act as a support network and a high chance of being successful, now is a great time to get started by evaluating your financial state.


Everything slows down

After the holiday, but before kids are back in schools there are a few magical weeks where business is also a little slower. This presents an opportunity to take advantage of a quiet evening or relaxing afternoon to plan.


All the big changes are ahead

Typically, most big financial and life changes will take place later in the year. Expensive holidays, weddings, insurance & job shifts, and vacations can be planned for now.


We have tools to help

Each week in January our Financial Wellness team will be releasing a new tool or worksheet to help you plan for the rest of the year. We’ll also be going through the experience with you and driving discussions about finances. To get started, let’s look ahead and make some predictions about what we expect to take place using our Life Circumstances Worksheet


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