Get Ready for the End of the Year with Our Year-End Checklist

posted Dec 8, 2014, 10:12 AM by Deanna Breckenridge   [ updated Aug 3, 2017, 2:13 PM by Barb Bowers ]
1. Review your spending patterns now while it's fresh in your mind, and plan ahead for large purchases for next year.

2. Calculate your net worth by adding up what you own (home, car, savings, investments, personal property), and subtract what you owe (mortgage, loans, credit cards). Your net worth should increase each year. If not, there may be a problem that should be fixed.  Contact our office if you need help.

3. Beware of credit card usage. If you can't pay your balance in full each month, it is time to cut back on your spending.  Before you use a credit card, ask yourself if you really need it.

4. Create an emergency fund. Pay yourself first. The fund should be able to cover a minimum of four months worth of living expenses.

5. Contribute to a retirement account. Your future should be a priority, so determine how much to save on a monthly basis. Then talk to your financial adviser to determine how much you will need when you retire.

We advise you to utilize the checklist to help you stay on the right financial path. If you need assistance on any of these items, we are here to help.