Many of us set New Year’s resolutions in January only to have them left by the wayside by month’s end. Now that the resolution dust has settled and the month may no longer be “dry”, it is time to consider some serious organizational needs: Organizing your financial house!
Have you seen the video of the family playing the Christmas game of finding the oldest item in grandma’s pantry? It is hysterical. Every family member gets a designated amount of time to search Grandma’s pantry for the oldest expired item they can find, and it looks like they are having so much fun! There are a few versions of it out there on social media. And while it is entertaining, it illustrates an important point – that the longer you have been in a place, the greater the amount of expired clutter there is lurking within your walls!
Is Your Financial House in Order?
If you are among the financially unorganized – don't be embarrassed!
As with our homes, it is common for people to have financial clutter -- a hodgepodge of investments, a smattering of 401(k)s from old jobs, an insurance policy or two that they don’t understand, and some investments made more out of opportunity than in accordance with a financial plan.
That sounds like a messy pantry to me!
Find Peace by Creating and Organizing your Financial House.
At Well Lived Wealth we believe that a well-organized financial life is as important as a well-organized home for a calm and peaceful household. And there is no better time to address this than at the beginning of a new year. So, let us help you get your financial home organized and put to good use! We want to encourage you to throw out the “expired stuff” and simplify with a financial plan.
Well Lived Wealth’s Tips for Organizing Your Financial Life in 2025
Initially:
- Locate and store important documents in a safe and secure place.
- Create documents such as a will if you do not have them.
- Create a financial plan with a CERTIFIED FINANCIAL PLANNER ®
Daily:
- Check your bank accounts and credit cards for fraud – this is easy with the use of automatic notices!
Weekly or Biweekly:
- Save, and automate your savings. Break it down into chunks. Small habits lead to BIG financial powers.
Monthly:
Update net worth statements with a goal of increasing assets and decreasing liabilities. - Pay bills on time and in full to keep credit scores high.
Update net worth statements with a goal of increasing assets and decreasing liabilities. Annually:
- Run a Financial Fire Drill with yourself or your spouse. This is a time where you ask yourself hard questions such as, “If I lost my job, how long would my money last to support my family’s lifestyle?”. “If my spouse died prematurely, how would I manage financially?”. “If my parents needed financial help, how would I handle that?” “If all this company stock I own were to become worthless, what would that mean to my family’s financial picture?” Be honest with yourself regarding the answers.
- Review your financial plan with your advisor and act to address your gaps.
Where Should You Start?
Open your “to do” list and type: Book Financial Planner Meeting. This will set you in motion. Once the appointment is set with a Financial Planner you will already feel better (just like that feeling of opening a clean junk drawer).
Next step is to discuss what’s important to you regarding your family and your money with a Certified Financial Planner®. The Planner will examine your current situation and give recommendations. Think of the recommendations like you would a closet cleaning. For example, “This investment (dress) was purchased on a whim, and I haven’t taken the price tag off even though it was 4 years ago.” The planner might help you put that in the donations bin.
Declutter your financial life.
The next step is to organize your financial life. We believe in simplifying your financial life.
We start with a pictograph. Here’s an example:
Enjoy the Benefits of Organizing Your Financial House.
It has been our pleasure to have helped so many hardworking moms and brilliant businesswomen change the course of their lives, and their family’s lives by helping them put a financial plan in place and continually monitoring it.
If the four walls in our office could talk, they would share life altering moments in our clients’ lives, both happy and sad. We meet people at their most triumphant moments such as selling a business, officially retiring, enjoying their expanding family with marriages and the births of grandchildren. But we are also present for the most tragic times and hearing the sorrow of statements such as, “I thought I knew about our money, but I only knew how to access the accounts and pay the bills.” or “I should have had investments that I was knowledgeable about.” and “I was married for 60 years, and my husband took such good care of me and the family, but now I don’t know what to do.” Some life transitions are tremendously difficult but when you have an organized and simplified financial life and understand your financial pictograph, it is less traumatic and gives you agency to change the trajectory of your life and your family’s lives.
The truth is (especially for women) that we don't put the proverbial oxygen mask on first. The financial planning is pushed aside for a later day. There are many reasons why it's delayed, but it really shouldn’t be. Financial planning and organizing is a selfless act and are so important for the ones we love. We see the most success when women (and their spouse, if married) organize their financial life with a financial plan BEFORE adverse life events occur.
And when all your financial matters are tidy and organized, put your paperwork in a colorful folder on a beautiful, polished tray with fancy pens and smile because you have created a solid plan and a beautiful aesthetic for your home!
It is February 2025! Every day you delay is more clutter! Pull out your organizer and let’s go!
Yours truly,
--- Molly
To set an introductory meeting with Molly, please click here.
Molly Ward, CFP®, CDFA® is the Founder of Well Lived Wealth, LLC and has more than 25 years of professional experience. A Texas native, Molly earned her CERTIFIED FINANCIAL PLANNER™ professional designation and built a wealth management firm before she had her first child at age 26. Since then, she has acquired a Certified Divorce Financial Analyst® designation, earned the Columbia Coaching Certificate, received Collaborative Divorce Training, and participated in financial programs at Harvard and Wharton Business Schools. She was named one of five advisors (and the only woman) to Equitable’ s Elite Advisor Group Steering Committee out of 5,000 of her peers and is currently ranked 39th nationally at Equitable Advisors. She is a former Associate’s Roundtable Chair of James A. Baker III Institute at Rice University, a former member of the board of her local library and has held numerous PTO positions. Molly is currently a member of the Investment Committee at the St. Luke’s Foundation and the Houston Business and Estate Planning Council.