Thursday, December 20, 2018

10 End of the Year Financial Tasks

If you have a little down time in the next week or so, here are some financial tasks to consider undertaking:

  1. Pull your free credit reports and make sure there are no errors on it.
  2. Go through all of your monthly bills/subscriptions/fees/etc and see if #1, you still need this service, and #2 if there is any way to reduce the price of each bill.
  3. Take photos or videos of all of your worldly possessions.  Everyone should do this once a year at least in order to have a record of everything you own for insurance purposes.
  4. Create a budget for next year.
  5. Make sure you are adequately insured.  Life, health, auto, home, long term care, etc. all of these insurances should be regularly reviewed to ensure they meet your current needs.
  6. Make any of the recommended tax moves your financial adviser recommends (funding your Roth IRA, making charitable contributions, rebalancing your portfolio, etc).
  7. Review your will, living will, and medical power of attorney to ensure all of the information is correct and up to date.
  8. Plan any major financial expenditures for the coming year (vacations, kid's tuition, etc).
  9. If you have debt, figure out how to pay it off ASAP (get a second job, do some extra gigs, etc).
  10. Set up a financial calendar (list birthdays, bill due dates unless they are on auto pay, pay days, vacations, and anything other thing that impacts your finances). 

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