Another year has passed and you may not have your financial house in order. Whether you’re slacking or perhaps haven’t done all you can, a new year offers the opportunity to start some financial best practices. Here are some easy places to start.
1. Maximize your pension contributions
It’s good financial practice to set aside (and hopefully compound) money for retirement. If you have an employer that matches your 401(k) contribution, you should max out that match because it’s essentially free supplemental money for you!
In 2026, all major contribution limits will increase, including up to $24,500 for 401(k) contributions, $72,000 for employee and employer limits, and $7,500 for traditional and Roth IRAs.
SCAMMERS ARE TRACKING PENSIONERS AS MAJOR 401(K) RULE CHANGES FOR TAX YEAR 2026 AHEAD NATIONAL
If you’re over 50, consider adding a catch-up contribution (and if you’re 60-63, those catch-up contributions are even greater)!
Cheers to the new year, but start it off right by making important financial resolutions (iStock)
If you run your own business, even as a solo entrepreneur, talk to your accountant or a TPA (third-party administrator) about setting up a defined contribution or defined benefit plan where you can set aside up to six figures on a tax-deferred basis!
2. Prune your subscriptions
Yes, every company wants to rent your life back in the form of a subscription, but that doesn’t mean you have to agree to it!
Look at your credit card and bank statements from the past twelve months to find subscriptions you no longer use or that you can cut back on.
8 EASY STEPS TO REMOVE CABLE AND SAVE MONEY WITH STREAMING
Trim your streaming services. Switch to free, ad-supported versions of video or music. Look into fitness or software you may not be using. Even saving $20-$100 per month can make sense in a year!
3. Renegotiate recurring invoices
Our service providers like to increase costs for us, but they also don’t like to lose business. From your cable, internet, and cell phone providers to your insurance companies, call them and tell them you’re considering switching. See if they offer you a better rate for the year. If not, switch to another provider that does!
Making a few phone calls can save you hundreds or even thousands of dollars!
4 TASKS EVERY AGING AMERICAN NEEDS TO DO NOW
4. Get your family’s financial affairs in order
The new year is a perfect time to take a closer look at your family affairs. Do the relevant people have access to you and your family’s wishes and information relevant to dealing with aging, medical emergencies or death? If not, make sure you put these together in an estate and wishes planning package.
Make sure all your family members have crucial documents in place, including wills, powers of attorney (both medical and property) and, if relevant, financial trusts.
Yes, every company wants to rent your life back in the form of a subscription, but that doesn’t mean you have to agree to it!
Also check insurance and financial accounts to ensure the beneficiaries are correct and make any changes if they are not, as designated beneficiaries supersede a will.
WHEN IS THE RIGHT TIME TO REMOVE YOUR CHILDREN FROM THE FAMILY PAYROLL?
Keep all information in a place that is known and accessible to those who need it. You can do it yourself, or if you need help getting started, use the kit I made for under $100 (called Future file).
5. Meet with a financial planner
Whether your goal is to purchase a home or plan for retirement, it is incredibly helpful to have someone who can evaluate your goals and risk tolerance. If you don’t have a financial planner, at least interview a few. If you have one, make sure you meet with him to discuss your current goals and objectives.
CLICK HERE FOR MORE FOX NEWS ADVICE
6. Consider hedges for your portfolio
Given government spending and our country’s burdened fiscal base, it’s good to consider hedges for your portfolio. Whether you’re looking for precious metals or other alternative assets that can hedge against the deterioration of your purchasing power, consider a dollar-cost averaging program. This means you buy at regular intervals so your costs average out over time and you’re not trying to time the market. Given the run-up of precious metals, but also concerns about the future, this program may make sense.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
For metals or other alternative hedging assets, look for assets that don’t have too high a markup and make sure you buy from reputable intermediaries. Having a financial advisor, as discussed above, can help with this.
By taking some simple and sensible steps in the new year, you can ensure that your 2026 financials become a source of pride rather than a source of stress!
CLICK HERE TO CAROL ROTH
