9 Tips to End the Year on a Strong Financial Note

Give Yourself a Year-End Career Review With These 4 Questions – Careers for  Social Impact

We want to help you and your family make the most out of the remaining days of the year financially. The good news is if you pay attention to these tips now, you can make the transition to the new year as smooth and easy as possible.

  1. Plan for the holidays: Ready or not, they’re coming, and they’ll wreak havoc on your finances if you don’t plan ahead. In fact, the average holiday spending in 2022 was $1,802 per person. If you haven’t been planning for this already, now is the time to start. 
  2. Assess your progress: Review your financial goals and evaluate where you stand. Are you on track to achieve what you set out to accomplish this year? Take a moment to celebrate your successes and identify areas that need attention.
  3. Maximize retirement contributions: If you need to max out your retirement contributions, now is the time. By taking advantage of tax-advantaged accounts, you can reduce your taxable income while building a substantial nest egg.
  4. Rebalance your portfolio: As year-end approaches, ensure that your asset allocation aligns with your long-term objectives and consider rebalancing if necessary to manage risk and optimize returns.
  5. Review insurance coverage: Life changes, and so do your insurance needs. Assess your current coverage for life, health, disability, and property insurance. Make any adjustments to ensure you and your loved ones are adequately protected.
  6. Optimize tax planning: Take advantage of available tax-saving strategies by exploring deductions, maximizing contributions, and reviewing your investment strategy with tax implications in mind. If you need help or would like another set of eyes on your portfolio, let me know. I’m happy to help.
  7. Get smart with capital gains: Consult a financial advisor or accountant to help determine which investments are best to sell in order to take advantage of tax-loss harvesting.
  8. Revisit your legacy goals: You don't need to be nearing retirement to plan for your legacy; there are things you can do at every stage of life to ensure your family is cared for. That said, if you don’t have a will, make an appointment with a trusted attorney to draw one up. If you already have one, ensure it's up-to-date and consider a medical and financial power of attorney
  9. Clear financial clutter: Keep organized by tidying up your financial documents and paperwork. Consolidate accounts, shred unnecessary documents, and research ways to track expenses and receipts if you haven’t already (or your current system isn’t working).

We are here to help you explore these financial decisions and provide guidance tailored to your specific needs. Together, let's make the most of these remaining 100 days and build a strong foundation for a successful financial future.