There is still time to save some money this year and get yourself into good habits for next year and beyond. All of the items mentioned below can be daunting however a good financial advisor can help you with most of them. If you have annual reviews some of these should have already come up and dealt with.
Looking back at your finances in the past year help you see where you need to make necessary improvements to your financial future. You should access your debts as well as your investments and your life, health and homeowners insurance policies.
Insurance Policies
Take a look at your insurance policies and make sure your beneficiaries are correct and decide whether you have enough coverage for the current debt and life circumstance you are experiencing. For example; did you add new children or dependents that you need or account for in your estate planning or in the event of a tragic event.
With health insurance take a look at your deductibles if you have one maybe you can schedule that physical or get those new glasses before the end of the year to bring you over the top. This also is a reason to check on your flexible spending accounts.
Retirement Accounts
Have you reached your limit for contributions for your IRA and or 401K/403B plans? Investigate whether or not you should make those contributions and maximize them. If you inherited an IRA make sure that you have taken your minimum distribution for the year. If you miss this one you get dinged by uncle same 50 percent of the distribution amount.
Investments
This has been a pretty good year for most of us but maybe you should look over your investments for losses you may be able to harvest for tax loss. Also make sure that your investments are suitable for you based on your time horizon and risk tolerance.
Charitable Contributions
See how much you have donated to your favorite tax deductible charity and make those contributions before the end of the year.
Debt
List all of your outstanding debt obligations and decide how much of that you want to pay off in the coming year. You may want to consolidate your credit card debt to lower interest rates or maybe pay off some smaller high interest balances.
I hope the list above will inspire many of you to take some action in improving your financial life. If you need help with a strategy or changes in any of the above I am glad to help. You may be able to find more helpful information at my website, http://www.yourwealthadvocate.com
Homeowners insurance is one of those products that you need to have, but hope you never have to use. While most homeowners never tap into the resources offered by their insurance provider, all it takes is one electrical fire or a serious wind storm to cause thousands of dollars of damage to your home, and without coverage, you will be sunk. On top of this, if you have a mortgage on your property, you will be required to have proper insurance in order to keep the loan. You should look for affordable homeowners insurance.
ReplyDeletehome buyer