There’s a reason Financial Wellness Month takes place in January. After the holidays, there’s a lot to reset financially — from unwinding seasonal spending to putting a clear plan in place for the year ahead. The new year offers a natural moment to reset, reflect, and regain balance in your finances.

Where to start, though? Taking control of your financial health isn’t just about numbers; it’s about instilling habits, maintaining confidence, reducing stress, and much more. Small, intentional steps can make a lasting impact when it comes to reaching your financial goals.

We’re here to help simplify the process and offer a few financial planning resolutions for achieving clarity and purpose in the new year.

1. Define (or Redefine) Your Long-Term Goals

It’s important to regularly step back and consider what kind of lifestyle you and your family are envisioning over the long term. Financial planning can be aimless without concrete goals. The start of a new year is an ideal time to evaluate not only your existing financial priorities, but also your shared vision of what things will look like down the road.

Before focusing on the strategy, it’s essential to clearly define — or redefine — what matters most to you and what you want your priorities to be. Ask yourself questions such as:

• At what age would you like to retire?
• What are the foreseeable expenses you need to plan around, such as education costs?
• How much do you want to travel?
• Is philanthropic giving important to you?
• Have you created a plan for long-term care?
• Are there other important elements of legacy planning for you?

Start with a discussion of these questions. Then, hold onto that vision throughout the year as you plan ahead.

2. Stay on Top of Your Cash Needs

Budgeting is a two-fold process: First, anticipating costs; second, being vigilant about spending. To stay disciplined this year, it’s important to anticipate upcoming financial needs and plan accordingly to avoid unnecessary cash-flow or liquidity concerns.

While there are obvious expenses like college tuition or mortgage payments, others can fly under the radar, such as philanthropic pledges, employee bonuses, and the expansion of real-estate holdings. 

No matter what expenses lie ahead, reviewing your cash reserves with an advisor can provide clarity and confidence. That review should include not only the cash you hold today, but also potential future inflows from stock sales, Required Minimum Distributions, or other asset conversions.

3. Strengthen Your Tax Strategy

This year presents new opportunities for leveraging the tax code to further your financial goals. After Congress passed the One Big Beautiful Bill Act (OBBBA) last year, the tax landscape changed significantly. High-net-worth individuals stand to benefit from many of the changes, but only if they’re intentional about taking advantage of the right provisions.

Make it a resolution to consider whether any of the following tax strategies are right for you:

• Annual gift exclusion: You’re allowed to gift up to $19,000 per year to another person tax-free. The annual gift exclusion can be an effective tool to transfer wealth over time while minimizing tax effects.
• Bonus depreciation: Businesses may be able to claim 100% bonus depreciation on eligible capital investments, such as equipment, software, and certain property improvements.
• Capital gains: If you anticipate higher tax rates in the future, consider selling assets and realizing gains now — while you may still be in a lower tax bracket — to help reduce overall tax liability.
• Bunching charitable donations: Combining multiple years of charitable contributions into a single tax year can increase deductions and enhance the overall tax benefit of your giving.

Taking advantage of tax strategies can be nuanced, which is why it’s best to work with an advisor who understands your full financial picture.

4. Look Ahead to Your Legacy

In 2026, consider looking beyond lifestyle funding and asking a more enduring question: what purpose should your wealth serve? Strategies such as real estate investment, family trusts, charitable foundations, or structured gifting require careful planning. They also demand knowledge of their varying tax implications.

For example, the U.S. tax code has a lifetime estate exclusion that caps the amount of money an individual can give to another person over their lifetime ($15 million per individual starting in 2026). The lifetime estate exclusion is just one of the many rules that are important to keep in mind when thinking about transferring assets and preserving your legacy.

Start by defining what you’d like your legacy to look like, then have a conversation with an advisor about how to plan for it.

5. Stay Organized!

This resolution is simple. Staying organized with your finances is empowering, allowing you to feel confident and self-assured in achieving the rest of your resolutions and financial goals.

Take time throughout the year to sort through paperwork, discard what’s no longer needed, and clearly label and store what remains — both digitally and physically. Whenever possible, streamline your process by consolidating duplicate files or rethinking how you track expenses and income throughout the year.

Doing this will help you save significant time and frustration later on. Better yet, you’ll feel a lot more confident and in control of your financial picture.

Take The Next Step

Keeping your resolutions is made easier with an experienced financial advisor at your side. At Faubourg, we work with our clients to help them maximize their income and achieve their long-term goals. Right now is an ideal time to consider taking the next steps in your own financial strategy.

Reach out to us today to schedule a meeting!