This time of year, Charles Dickens’ A Christmas Carol inevitably comes to mind. In the story, Ebenezer Scrooge gets the unique opportunity to experience, in a single night, his life’s journey through Christmases in his past, present, and future. While you may not have the ability to time travel as Scrooge did, you can reflect on your past, present, and future self to be mindful of your financial decisions and determine whether changes are necessary.
To start, consider how “Past You” has set up finances for “Present You.” Did you strategically take on debt, save for emergencies, and invest for the future? If you had to give “Past You” a grade, what would it be? While plenty of things can unexpectedly impact your finances, plenty of financial habits are within your control. For example, an unexpected hospital stay may dip into your emergency savings, but dining out too often could prevent you from stashing away an extra $1,000.
While you can’t go back in time and change your decisions, “Present You” can make small adjustments to help improve the financial well-being of “Future You.” That could mean paying an extra $50 per month on an outstanding loan, increasing your monthly retirement contributions by $25, or setting up automatic weekly transfers to build savings for emergencies. Decisions such as these can make meaningful differences in your future finances.
While all this preparation for “Future You” is helpful, remember to observe what Scrooge may have learned in the end: to find joy in the present, create new memories, and consider the happiness of those less fortunate – especially in this special time of year.
To review your financial plan or explore ways to support “Future You”, connect with our team of licensed professionals. Give us a call at 800.242.2120, ext. 10469.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.