As we enter another new year, many look to this opportunity with excitement to start anew; refresh their outlook and create goals or new aspirations of achievement. However, it’s important to reflect on and remember the past as to not make the same mistakes or fall into the same rut after the new year’s excitement has passed. 

banner your financial health michelle sarna

Reflecting on what has worked and what hasn’t may help you stay on track for the future. For one, did you make spontaneous decisions during market fluctuations?  Although it might have proven to be fruitful, most emotional reactions end up derailing goals and realizing losses, more so than having stayed the course.  Second, did you stick to your budget or overspend? Is your emergency fund sufficient or do you need to replenish it? Is your retirement goal on track?


The new year is a great time to review your financial goals, update your financial plan and rebalance your investment strategies to align with your goals.  First, review your budget and make adjustments if needed. Is there a big expense you need to budget for? A new car or appliance? If you plan to make a big purchase, will this deplete your savings? Hopefully, you have set funds aside or earmarked the amount needed and not used your credit cards. If the large purchase can wait, hold off until you have enough saved for the purchase. Do you have subscriptions or memberships that you no longer need or use? Cancel them as soon as possible. Did you get a raise?  If so, increase your retirement savings or your 401k contributions.  

Another important task in the new year is to check your credit. You are entitled to a free report each year. Make sure the report is accurate, and if you haven’t done so already, freeze your credit with all three reporting agencies: Transunion, Equifax, and Experian. The service free, and you may unfreeze it anytime.

Finally, refrain from any judgement on yourself. You can’t change the past, but you can make better financial decisions in the future. Stick to your budget, save as much as you can and be mindful of what you are spending your money on. It’s ok to treat yourself, but don’t go into debt doing so. Let 2024 be the year you stay the course for a successful financial future.

Michele Sarna is a certified financial planner with Beacon Pointe Advisors and can be reached at (760) 932.0930 or [email protected].

Provided as information only and should not be considered investment, tax, or legal advice or a recommendation to buy or sell any type of investments. Asset Allocation, portfolio diversification, and risk strategies cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Form ADV contains important information about Beacon Pointe Advisors, LLC, and may be viewed at:

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