Cleaning up Your Finances as Year-End Nears

As the end of the year nears, many of us give thought to getting our financial houses in order. Here are things to add to your to-do list.

Review your financial accounts: Look at your bank accounts, retirement accounts, credit cards and other financial accounts. Having too many is a common problem. Ask yourself: Do they still meet my needs? If not, should I consolidate some or close them? Should I open others? While you are doing this, also update your account information. Ensure that your other financial accounts have accurate contact and beneficiary information. If you have not changed your beneficiaries in some time, you may want to review them (and make all possible accounts transfer on death, or TOD, so they avoid probate in the event of your death).

Review your budget and debts. Do you have a budget? How does your spending align with your budget? If it is not on budget, determine why. Are you spending too much money on luxury items? Are you overwhelmed with debt? Develop a strategy for keeping your spending on track and eliminating debt (perhaps by consolidating loans).

Consider doing some estate planning. Lastly, estate planning is not just for the wealthy: everyone should have a will. If you do not have one, look into getting one. If you already have a will, year-end is a good time to review it to ensure it still protects your loved ones in the manner you intended.

Do you need help getting your financial house in order? Call us today for a year-end review.