Febraury Financial Tips

February can be a great time to check back in on your financial goals and get ready for the year ahead! A little planning now can set you up for success.

Revisit Your 2025 Goals and Budget
Take a moment to review your short- and long-term financial goals. Are your spending, savings, and investments aligned with those targets? If not, identify areas where you can cut back, like dining out or unused subscriptions, and reallocate that money toward your goals—whether that’s paying off debt or boosting savings.

Also, assess your monthly income, expenses, and savings. Are you staying on budget? If not, consider making adjustments and automate savings contributions to stay consistent. Small tweaks now can lead to significant progress over time.

 Prepare for Tax Season
Tax season is approaching, so it’s a good idea to begin organizing your documents. Collect important forms such as W-2s, 1099s, and receipts for potential deductions (e.g., medical expenses, charitable contributions). Filing early can help reduce stress and potentially maximize your refund. It also provides more time to review for errors or take advantage of available tax credits.

If you haven’t made contributions to retirement accounts like a 401(k) or IRA, consider doing so to reduce your taxable income. If your tax situation is complex or you have any questions, consulting with a tax professional can help ensure you’re making the most of your available deductions and credits.

Plan for Upcoming Expenses
Plan ahead for upcoming expenses like vacations, home maintenance, or events. Add these costs to your budget and start saving a portion of your income each month. Being proactive helps avoid financial stress later.
Also, check your emergency fund to ensure it covers three to six months of living expenses. If it’s lacking, set a goal to build it up in the coming months.

Set Up a Meeting with a Financial Advisor
Setting financial goals is important, but having the right guidance can make all the difference. A financial planner can provide personalized advice, educate you on financial strategies, and empower you to make informed decisions. At Sgroi Lawley, we’ve been helping Western New Yorkers work towards financial independence for over 50 years. Our team of experienced financial advisors works closely with you to create a customized plan tailored to your unique situation.

By following these tips, you can set yourself up for financial success in 2025. Take time now to evaluate your progress, prepare for taxes, and plan for upcoming expenses. For personalized guidance, our team at Sgroi Lawley can help you stay on track and make informed decisions.