Many times, people get distracted from their financial goals towards the end of the year. To be fair, there is certainly a lot going on with all of the holidays, frequent travel, and family and friends visiting. However, a few slip-ups in your finances during this season can set you back further than you may realize. It’s important to keep up with your wealth strategy and finish the year off strong. We’ve come up with a few ways to do this, so take a look at this end of the year checklist, and let us know if you find this resource helpful! 

Go Over the Budget

At the very core of wealth planning and financial health is the adherence to a budget. Whether this is your own individual budget or a family budget, it is important to take the time to go over it with everyone involved, so there is a clear understanding of the financial situation. This can include gauging how well everyone has stuck to their allotted amounts, how well bills are getting paid, the contributions towards savings and other financial plans, and more. Essentially, these budget meetings are about ascertaining the health of the budget and creating a report card for the current status and the progress being made. 

This is also a good time to plan out the foreseeable future of the budget, and make adjustments where necessary. Often, throughout the holidays, accommodations need to be made for the money being spent on gifts, travel, meals, and more, that may be an increase from how much is budgeted towards these areas throughout the rest of the year. Ask for input from the others involved in the budgeting process, and be sure to come to a solution that works for everyone, as well as maintains the health of the financial situation in the long run. It may also be wise asking how everyone plans on sticking to the budget, and perhaps strategizing together. 

Decrease Your Debt

This may seem like a difficult time of year to focus on repaying your debts, however, with annual interests increasing the total amount you owe, it’s better to start paying it back sooner rather than later. Many Americans rely on credit cards to cover the costs of the holiday travel expenses, the lavish gifts, and everything else that comes along with this time of the year, however, if you can avoid accruing more debt during this time, and instead, allot some of your budget to paying it off, you will be setting yourself up for a strong start to the next year. 

Focus on Your Future

It has been shown that retirees who are the happiest have spent at least five hours a year making plans for their retirement. Taking the time to focus on your future can make a huge difference in how satisfied you will be later on when you get to enjoy the hard work you have put in. The formula for a successful financial security is unique to each individual, so it’s important to not rush through the planning process. Figuring out how much you should be investing into your future takes time, but will pay off (literally) in the long run. This is something that can be discussed with your financial advisor as well, so if you get stuck, reach out to a member of our talented team. 

There are many additional things that can be added to your end of the year financial checklist, however, we feel that these are the basics. If you have questions, concerns, or want to get connected with a financial advisor, contact us today! 

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