New Year’s Resolution – Create a Financial Plan

As the year comes to a close, it’s the perfect time to consider financial planning strategies that will set you up for success in the coming year. Financial planning is not just about setting money aside — it’s about building a foundation for future financial security and achieving your life goals. A well-structured plan can help you maximize tax efficiency, enhance your investment returns, and prepare for both short-term needs and long-term goals.

One of the core benefits of financial planning is the opportunity for tax optimization. With careful planning, you can leverage deductions, credits, and investment strategies that may reduce your taxable income. For instance, maximizing contributions to retirement accounts, such as 401(k)s or IRAs, can reduce your taxable income now, while building wealth for the future. Additionally, a Health Savings Account (HSA), if you are eligible, offers triple tax free benefits — contributions are tax deductible, growth is tax-free, and withdrawals for medical expenses are also tax-free.

Reviewing your insurance coverages is also a good idea. Take the time to evaluate whether your current health, home, auto and life insurance policies meet your needs. Changes in your life, such as a new job, retirement, a new home purchase, may require adjustments to ensure your coverage adequately protects you and your loved ones. So, before you cancel that policy, let’s talk about it first.

Emergency savings and cash management should also be part of a financial plan. Building a cash reserve protects you from relying on high-interest debt in times of financial uncertainty, like job loss or unexpected expenses.

Finally, take time to review your estate plan and beneficiaries. Ensuring that your estate documents are up to date and that your beneficiaries are correctly designated on accounts, is crucial for providing clarity and minimizing conflicts for your loved ones.

Starting a financial plan—or revisiting an existing one—early in the year gives you more time to adjust and optimize as your financial situation evolves. Partnering with a CERTIFIED FINANCIAL PLANNER^® can help you make informed decisions tailored to your unique needs. By planning ahead, you can approach the coming year with confidence and clarity, knowing you have a solid strategy in place to achieve your financial goals. Contact your Private Banker today to set up an appointment for this exclusive service offering for Private Clients of WesBanco.

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today