{"id":35999,"date":"2023-01-16T14:38:09","date_gmt":"2023-01-16T19:38:09","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=35999"},"modified":"2023-01-16T14:38:25","modified_gmt":"2023-01-16T19:38:25","slug":"business-report-new-years-financial-resolutions","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/","title":{"rendered":"Business Report: New Years Financial Resolutions"},"content":{"rendered":"<figure id=\"attachment_36000\" aria-describedby=\"caption-attachment-36000\" style=\"width: 194px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-36000\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2023\/01\/edward-jones-murray-194x300.jpg\" alt=\"\" width=\"194\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2023\/01\/edward-jones-murray-194x300.jpg 194w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2023\/01\/edward-jones-murray.jpg 432w\" sizes=\"(max-width: 194px) 100vw, 194px\" \/><figcaption id=\"caption-attachment-36000\" class=\"wp-caption-text\">Meghan Murray is a financial advisor with Edward Jones Financial in Glens Falls.<\/figcaption><\/figure>\n<p>By Meghan Murray<\/p>\n<p>It\u2019s that time of year when many of us promise ourselves we\u2019ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>But this year, when making New Year\u2019s resolutions, why not also consider some financial ones?<\/p>\n<p>Here are a few to consider:<\/p>\n<p>Don\u2019t let inflation derail your investment strategy. As you know, inflation was the big financial story of 2022, hitting a 40-year high. And while it may moderate somewhat this year, it will likely still be higher than what we experienced the past decade or so.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Even so, it\u2019s a good idea to try not to let today\u2019s inflation harm your investment strategy for the future. That happened last year: More than half of American workers either reduced their contributions to their 401(k)s and other retirement plans or stopped contributing completely during the third quarter of 2022, according to a survey by Allianz Life Insurance of North America. Of course, focusing on your cash flow needs today is certainly understandable, but are there other ways you can free up some money, such as possibly lowering your spending, so you can continue contributing to your retirement accounts?<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>It\u2019s worth the effort because you could spend two or three decades as a retiree.<\/p>\n<p><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span>Control your debts. Inflation can also be a factor in debt management. For example, your credit card debt could rise due to rising prices and variable credit card interest rate increases. By paying your bill each month, you can avoid the effects of rising interest rates.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>If you do carry a balance, you might be able to transfer it to a lower-rate card, depending on your credit score. And if you\u2019re carrying multiple credit cards, you might benefit by getting a fixed-rate debt consolidation loan. In any case, the lower your debt payments, the more you can invest for your long-term goals.<\/p>\n<p>Review your investment portfolio. At least once a year, you should review your investment portfolio to determine if it\u2019s still appropriate for your goals, risk tolerance and time horizon. But be careful not to make changes just because you feel your recent performance is not what it should have been.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>When the financial markets are down, as was the case for most of 2022, even quality investments, such as stocks of companies with solid business fundamentals and strong prospects, can see declines in value. But if these investments are still suitable for your portfolio, you may want to keep them.<\/p>\n<p><span class=\"Apple-converted-space\">\u00a0 \u00a0 <\/span>Prepare for the unexpected. If you encountered a large unexpected expense, such as the need for a major home repair, how would you pay for it? If you didn\u2019t have the money readily available, you might be forced to dip into your long-term investments or retirement accounts.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>To prevent this, you should build an emergency fund containing three to six months\u2019 worth of living expenses\u2014or a year\u2019s worth, if you\u2019re retired\u2014with the money kept in a low-risk, liquid account.<\/p>\n<p>These<span class=\"Apple-converted-space\">\u00a0 <\/span>resolutions can be useful, so try to put them to work in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Meghan Murray It\u2019s that time of year when many of us promise ourselves we\u2019ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals.\u00a0 But this year, when making New Year\u2019s resolutions, why not also consider some financial ones? Here are [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":36000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: New Years Financial Resolutions - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: New Years Financial Resolutions - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Meghan Murray It\u2019s that time of year when many of us promise ourselves we\u2019ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals.\u00a0 But this year, when making New Year\u2019s resolutions, why not also consider some financial ones? Here are [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2023-01-16T19:38:09+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2023-01-16T19:38:25+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2023\/01\/edward-jones-murray.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"432\" \/>\r\n\t<meta property=\"og:image:height\" content=\"668\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/\",\"name\":\"Business Report: New Years Financial Resolutions - Glens Falls Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\"},\"datePublished\":\"2023-01-16T19:38:09+00:00\",\"dateModified\":\"2023-01-16T19:38:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business Report: New Years Financial Resolutions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\",\"name\":\"Glens Falls Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\",\"name\":\"Jake Van Ness\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"caption\":\"Jake Van Ness\"},\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/jakev\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Business Report: New Years Financial Resolutions - Glens Falls Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2023\/01\/business-report-new-years-financial-resolutions\/","og_locale":"en_US","og_type":"article","og_title":"Business Report: New Years Financial Resolutions - Glens Falls Business Journal","og_description":"By Meghan Murray It\u2019s that time of year when many of us promise ourselves we\u2019ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals.\u00a0 But this year, when making New Year\u2019s resolutions, why not also consider some financial ones? 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