Today’s To Do List Tuesday is all about year-end financial planning and review. I don’t care if you make a little or a lot, everyone should check and plan for the year ahead. I will caveat everything here by saying, I am not a professional financial planner. Even if you think you don’t “qualify” to have a financial planner, I would find one. There are many good financial planners that will offer a free consultation. Here is a partial list of things you should review, consider, plan and act upon:
- Review taxes for the past year. Do you need to make any last-minute qualifying tax donations? This is the week!
- Review what you spent last year! This is important for figuring out what is necessary for next year. Are there things you can cut?
- Review your home owners or renters insurance. Do you need more or less insurance?
- Review your health insurance.
- Review your financial goals from the past year. How did you do? Don’t have any, see the next item.
- Start your list of financial goals for next year. If you have any debt, eliminating or reducing that is your number one goal.
- Check your emergency fund or start one if you don’t have one. Ideally it is 3-6 months of expenses, but something is better than nothing!
- Do you have your will and other important documents up to date and in a fire safe?
- Do you have any high value items in a safe or bank safe deposit box?