Mistakes to Avoid in the New Year

Without a doubt, 2020 has been a challenging year and most people are looking forward to the promise that the new year brings with it. Resolutions receive a lot of attention, but we at Bona Fide don’t mind being a bit contrarian in our approach. In that spirit, we are focusing this newsletter on the mistakes and pitfalls that you want to avoid in the New Year. Leave those bad habits in 2020!

  • Read: One of the biggest mistakes in any person’s financial picture is unnecessary complexity. Have too many bank accounts? Too many credit cards? Too many things floating around to keep track of? We are huge fans of simplicity and efficiency. This blog post from Mint.com does an excellent job of detailing a few ways to simplify your finances for the New Year. We especially like the tip regarding reviewing your monthly subscriptions. Don’t let those small ticket items grow into a monthly monster!
  • Listen: Tired of hearing about all these mistakes to avoid in the New Year? Take a break with this podcast, where the host Shannah Game (another CFP) talks about money mistakes that are OK to make. She is extremely easy to listen to and identify with. These are 30 minutes that are sure to make you feel better about any ‘mistakes’ you may have made in the past and give you a sense of wellness to move forward into the future. 
  • Watch: While this video focuses on pitfalls to avoid during the pandemic, the lessons here can be extended to your whole life (and most do). The hosts are both CFPs (yay!), along with holding other designations, so we know the information we are getting is sound. We love the breadth of information presented in this video and the way they make suggestions for people of all ages. This is a great one to share with family and friends!

We love putting together these resources for you and helping you win with your finances! Please reach out if you have any questions or just want to chat about any of the links we’ve provided. Happy New Year!

The Bona Fide Family

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