Financial Checklist For Your Family Before The New Year

If you have read our blog before you know we are ALL ABOUT getting your financial life in order. Being organized and vigilant about planning is one of the keys to a successful financial future. Today we have a financial checklist for your family to use. These are some great things to get you started on a happy, hopeful and prosperous 2017!

A lot of people put off these types of things until the new year. We think there is MUCH to be gained from a little forethought now! Read on for our year-end financial checklist.

Your Family’s Year End Financial Checklist

1. Update Your Will – If you already have a plan in place, that’s great! In that case, the first and only thing to do it review it and make sure things are exactly as you want them. It may seem excessive to review this annually, but it really isn’t. Familial circumstances and priorities often change. Make it a point to review this once a year, no matter what. If you don’t have a will, it is time to make an appointment and get your affairs in order!
2. Reevaluate Your Savings – The second thing on our list is to evaluate your current savings accounts and goals. Is your emergency fund what it needs to be? What about your retirement contributions or college savings plans? This is a wonderful time to check in on your long term goals (before the holiday lights trump your common sense!)
3. Insurance Check – This could be health, life, automobile or home insurance. Ideally check all of these and make sure you are up to snuff and also getting the best deals on the market!
4. Budget Analysis – Going over your budget can be a drag, but now is the time! You have 10 months of the year under your belt and you can really assess your progress and standing.
5. Use Up Money In Your Flexible Spending Account – What we really mean is use up any perks you have. Whether that be vacation days, personal time etc. Don’t lose out on those small joys because you weren’t paying attention.
6. Contributions – This could be to max out your IRA or contribute to certain savings accounts. This could also mean any special donations you make throughout the year.
7. Tax Planning – The best time to assess your taxes is right now! You have just enough time to make donations, get paperwork in order or sell of certain investments for a loss. Tax planning doesn’t sound like much fun, but it is a great idea to get it done early!