Throughout the year is it easy to forget about tracking and managing your finances, many people use the final months of the year to get themselves back on track to start the new year off right. Jumping back into financial planning can be a bit stressful, but here are some of the most important steps to take to end the year with a solid financial plan.
- Call a financial advisor. getting started can be overwhelming, so calling a professional financial advisor can help you review the large ticket items on your financial planning list.
- Check any flexible spending accounts. Be sure to use the money you have left, especially if these accounts do not roll over into the new year!
- Review your Retirement plans and accounts such as 401K or IRA accounts. Is it time to change or update your current contributions for potential tax deductions.
- Take a look at your current debts and other bills. Consider making a new plan to help manage the monthly recurring expenses and begin to tackle any larger existing debts.
- Review other accounts and plans such as: estate plans, insurance policies, and beneficiaries. It’s always good to keep these up to date, as life can take unexpected twists and turns no matter what time of year it is!
- Look forward at your upcoming year! What events or trips are already expected that you can get a jump on planning for financially right now?
Double check you have covered all your financial planning check list items. Consider looking at these additional resources to make sure all your accounts are covered. As far as financial planning goes, reviewing all accounts can be the best way to get an accurate look at your current financial state and potential needs for the upcoming year. Again, if this seems to be a daunting task, it is always a good idea to seek out a professional to get started.