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.
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