Your Year End Financial Planning Tips

With the end of the year upon us, you may realize it would be a good time to take inventory of your financial situation. If you’re not sure the best way to go about this, continue reading for some helpful tips.

1 - Assess your 2017 Plan Progress: take a critical look at your 2017 financial plan and take stock of what you’ve accomplished, and what you may need to continue working on in the new year.

2 - Review your Current Cash Flow: Take a deeper look at what you’re spending each month, and determine what things you could cut out to open up new saving opportunities. You may be able to find some helpful ways to save some dollars in 2018, or your long-term goals.

3 - Check your 401K and IRA Contributions: Try not to miss any valuable tax deductions, and also be sure to defer in each pay period to maximize any employer matching contributions.

4 - Talk with Tax and Financial Advisors: By doing this, you can explore more ways to save on your tax bill, especially while there still may be time to take action before tax season.

5 - Check your Flexible Spending Account (FSA): If you’ve been putting a small amount of some paychecks into an FSA, you should check to see if you have any unspent money in your account. Because many plans have a “use it or lose it” feature, you’ll want to spend this money if possible since it cannot carry over into the next year. Perhaps you’ve been putting off a doctor’s appointment or getting a new pair of glasses, and if you have, now is the time to do that.

6 - Review your Homeowners Insurance: The end of the year is a great time to check if you have the right homeowners insurance coverage, and while you’re at it, you can also check your auto insurance. Make sure the replacement value on your home includes any recent increase in value, and also look at changing your deductibles as a way to possibly save money.

7 - Plan Ahead: Plan for any big life changes, such as wanting to switch jobs or having a child. Do you have enough money saved up to have on hand while those changes occur? You never know what may happen in the new year, so it’s important to plan ahead and make sure you have some money saved up when the unexpected happens.

When it comes to planning the financial aspect of your life, the professionals at Sage Rutty can help you come up with the perfect plan. Contact us today at 585.232.3760 to set up an appointment, or visit our website to see a full list of services.

Avoid Overspending this Holiday Season

It’s easy to overspend during the holidays. There are gifts to shop for and lots of convenient seasonal sales — perfect for enticing consumers to spend money they might not have otherwise spent. When you want to stick to a budget and manage money wisely during the holidays, it’s smart to have a game plan in place. Here are some expert tips for avoiding overspending during the holidays.

Set Your Budget Now

The sooner you get your budget together, the better — especially if money is tight. When establishing your budget, make sure you write it down on paper or in a document on your computer, not just in your head. Once you've determined how much you can realistically afford to save each week, multiply that amount by the number of weeks you have left to shop, and that number is your holiday budget. Figuring it out isn’t enough, though. You have to make sure you stick to it!

Be Wary of "Sale" Items

This time of year, big sales are not in short supply. Sometimes you can find really good deals, but some sales are a trap for consumers. Know the market value of the items you want so that if they pop up on sale, you can be sure you’re actually getting it at a discount. Some shady retailers will markup the retail price, then slash that number down to the “sale” price — which tricks the consumers into thinking they’re getting a good deal.

Use Cash or Debit

Credit cards certainly have their advantages. Namely, buyer/fraud protections and earning rewards. Credit cards should only be used if you can afford to pay the balance in full before interest is tacked on. Otherwise, stick to cash or debit to avoid finding yourself in debt.

Don’t Forget the Non-Gift Items

Gifts probably aren't the only items you'll be purchasing this season. Chances are you might be springing for some holiday decor for your home, food for the family gatherings, and even gift wrapping supplies. It’s smartest to hit the seasonal clearance racks after Christmas is over to stock up on discounted holiday merchandise for next year. Do this each year to keep your holiday decor fresh without breaking the bank.

For expert money management in all seasons and aspects of your life, contact Sage Rutty & Co.! We offer comprehensive financial services like Retirement Planning, Financial Planning, Legacy & Estate Planning, Investment Management, Trust Services, and more. Sage Rutty is one of the oldest financial services firms in the nation, and with no proprietary products to sell, you can feel confident knowing you will receive the most objective and honest guidance possible. Contact us today!