top of page

Starting the New School Year: Organize Your Finances for a Fresh Financial Start

2023 -Issue 1 LiveBY Wealth Insights

As the back-to-school season begins, it's not only a time for students to embark on a new academic journey but also an opportunity for adults to reassess and revamp their financial plans. Just as students enter a new grade with renewed enthusiasm, adults can enter the new year with a fresh perspective on their financial health. This is the perfect time to review important aspects of your financial life, from insurance beneficiaries to investment plans, and consider seeking guidance from professionals like LiveBY Wealth, your trusted financial advisor.

1. Reevaluate Insurance Beneficiaries

The start of the new school year serves as a reminder to reassess your insurance beneficiaries. Life events such as marriage, childbirth, or even changes in relationships may have occurred since you last reviewed your beneficiaries. Ensure that your life insurance, retirement accounts, and other policies are up to date. This step guarantees that your loved ones are adequately protected should the unexpected occur.

2. Fine-Tune Your Investment Plan Allocations

Much like how students tweak their study plans for the new academic year, adults can adjust their investment plans to better align with their financial goals. Review your investment portfolio's performance and consider whether your asset allocation is still appropriate. If your risk tolerance or financial objectives have changed, this is the time to make adjustments. Consulting with financial experts from LiveBY Wealth can provide valuable insights into how to optimize your investment strategy.

3. Seek Guidance from LiveBY Wealth

Just as students benefit from the guidance of experienced teachers, adults can benefit from the expertise of financial advisors like LiveBY Wealth. A trusted financial advisor can offer personalized advice tailored to your individual circumstances. Whether you're looking to grow your wealth, plan for retirement, or save for your child's education, their insights can steer you toward a more secure financial future.

4. Organize Important Financial Documents

The start of a new school year often involves organizing school supplies and schedules. Similarly, take time to organize your financial documents. Create a centralized system to store important papers such as wills, tax documents, and account statements. This not only helps you stay on top of your financial affairs but also ensures your loved ones can access vital information in case of emergencies.

5. Set Clear Financial Goals

Students set goals for the academic year ahead, and adults should do the same for their financial lives. Whether it's paying off debt, building an emergency fund, or saving for a dream vacation, clearly define your financial objectives. Break these goals down into actionable steps and track your progress over the year. Regularly reviewing your goals will help you stay motivated and accountable.

In conclusion, the back-to-school season offers a unique opportunity for adults to refresh their financial strategies. Just as students begin a new year with a sense of purpose, you can embrace the new year with an organized approach to your financial well-being.

Michael Kidney CFP, CLU, CHS, CIM, TEP

Certified Financial Planner


bottom of page