To help facilitate a more profitable and secure year, here are some tasks for you to consider.</p><p>Cash flow</p><p>This is also known as your budget. You must know what comes in and goes out. You have core expenses such as mortgage, utilities, insurance and others. Look at your list of core expenses. Are savings budgeted for goals such as college education and retirement? These are also essential core expenses that must be met before discretionary spending. Discretionary spending is money spent that is not essential like going out to dinner, nonessential shopping and vacations. On the other hand if you are on track for those goals, then have a great time. Contact me and I will send you an easy cash flow sheet. </p><p>Cash reserves</p><p>Do what you have to do to build an emergency cash reserve. With the slogging recovery I suggest at least 12 months of expenses to be your target number. If you have a precarious job you should consider 18 months worth. If you have a really secure job, consider six months. </p><p>Debt management</p><p>Stop buying on credit and get debt free. The typical strategy is to start with the highest balance and percentage rate and pay it off. Take that payment and add it to the next highest. Eventually you will be debt-free except for your mortgage. Mortgage rates are still historically low, so you may want to consider refinancing. Please consult with a professional regarding your personal situation. </p><p>Risk management</p><p>According to The Insurance Journal, one in eight Missouri drivers do not have auto insurance and one in four is underinsured. Those facts put you at risk. Check with your agent and review your coverage especially with teen drivers in the family. Many property casualty home policies are outdated as well and should also be reviewed with your agent. Realize your home market value may have decreased but the cost of replacement has skyrocketed. Do not wait for a tornado to find out. Life and disability needs should be calculated and updated. If you are age 55 or older, long-term in-home health care should be considered to help protect and preserve your assets.</p><p>Short-term accumulation</p><p>Prioritize your short term accumulation goals. I suggest layering with goals under five years (auto replacement), five to 20 years (college education) and, finally, any goal under retirement age. You need to know what the inflation-adjusted target numbers are and budget an amount to save monthly at a reasonable rate of return.</p><p>Retirement</p><p>Seventy-eight million baby boomers are now beginning to retire. Are you prepared for retirement? How much have you saved? You must know what your target number is to have enough money adjusted for inflation to last as long as you do. Do you know that number? How do you know how much to save? I&#x92;m sorry I can&#x92;t give you that number here. It is unique to each household. This critical monthly savings number must be met as you are personally responsible for your retirement years. Usually the earlier you start the less expensive the solution. Make a commitment to learn what this target number is this year.</p><p>If you are stressed financially, make a commitment to yourself and your family to make this your year to plan for financial security.</p><p>Steve Stringberg is a financial adviser with Waddell & Reed Inc.