End of Year Financial Checklist

As the end of the year closes in, now is a great time to take inventory of your finances and make a list of steps you need to take to end the year on a strong financial note. 

Here are a few tips on where to focus your efforts as you wrap up the year: 

  1. Review your financial goals – Take time to reflect on your financial goals and assess your progress. Have you met the goals you set at the beginning of the year? If not, what steps can you take now to catch up? 
  2. Assess your expenses – Review your spending habits over the past year; try using budgeting software to see your actual expenses and identify areas where you need to cut back or adjust. 
  3. Maximize retirement contributions – If you haven’t already done so, consider contributing the maximum amount allowable to your retirement accounts. 
  4. Plan for tax season – Gather and organize all your financial and tax-related documents to make the tax-filing process smoother, and consult your accountant or financial advisor to explore tax saving strategies that you may qualify for.
  5. Review insurance coverage – Evaluate your insurance policies, including health, home, auto, and life insurance. Let your agent know of any significant life events or adjustments to ensure you have appropriate coverage and aren’t paying for frivolous extras.
  6. Set goals for the upcoming year – Whether saving for a down payment, paying off debt, or building an emergency fund, having a plan will help you stay on track.

Remember, staying financially healthy is an ongoing process that requires regular monitoring and frequent adjustments. If you need help or have questions, feel free to reach out to us at 716-445-7465 or email [email protected].

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