End Of Year Financial Checklist
Written by Erich M. Imphong, CFP®
Say “aye” if your New Year’s resolution included something along the lines of being better with your personal finances. If improving yourself financially was on the list of resolutions, you should definitely revisit your goals now that we are entering the fourth quarter of 2015 because It’s Not How You Start, but How You Finish that counts!
Everyone wants to spend less while saving and investing more. We believe you can do this by being proactive in a couple areas below in the coming months:
- Organize your tax liability. The first thing you can do is have a tax projection prepared by our staff of CPA’s as this will determine where you are from a tax standpoint so there are no surprises come April 15. Also, a tax projection will help you if you want to breakeven on your withholdings or be over withheld for a refund.
- Review your monthly bills. How many subscriptions have you picked up in 2015? One of the first places to start could be reviewing your monthly bills and determining if you need some of the packages currently in your plan. For example, do you really need your cable provider’s movie package and Netflix?!? Also, review your homeowner and auto insurance with your insurance provider(s) to be sure you’re maximizing the benefits. If you ask if there are ways you can save chances are they’ll have some decent suggestions!
- Plan around your upcoming expenses! There is no reason anyone should run their credit card to the limit this holiday season. Start planning your holiday gifts now and booking your holiday travel. Why pay the premium amount last minute? By budgeting and planning you will take the stress out of the holidays.
- Plan to save. How much can you save and invest per week? Even as little as $10 per week can add up significantly over time due to compounded growth. For example, this can be an effective way to build up an emergency fund if you have not yet established one. Analyze your monthly expenses and determine how much you can save on a weekly basis.
- Think positively! No matter where you are financially, if you think positive and implement a plan you will begin to see results and can better utilize your resources to the fullest.
If you played sports growing up, you may appreciate that anything can happen in the final quarter, minutes or round of a game. The team or individual that stages a comeback realizes that it’s not over, it is time to push harder, and ultimately finds a way to win. You wrote down or envisioned your resolution back in January because you wanted to make changes to improve your personal finances, and now is the time to make adjustments and move forward so you are not stuck in neutral making the same resolutions in January 2016!