Get the Checklist: Organizing Your Finances for the New Year

December 19, 2019 9:56 am

New year, new budget! The holidays are over, the new year has arrived, and we’ve begun a new year to meet your financial goals. Don’t let unexpected expenses derail your plans for the new year.

The start of a new year is the perfect time to clear off your kitchen table and take an in-depth view at your overall financial situation. In the same way you resolve to make healthier choices, organizing your finances should be an annual priority. To help make this process a little easier we’ve created a complimentary checklist.

While you sift through your mail for important account numbers and passwords, here are some areas you’ll want to pay particular attention to as you develop your financial overview for the year:

  1. Your Retirement Contribution

Even if your company automatically enrolls you in a 401(k), you may not be maximizing your retirement savings.  Reach out to your HR department, or log in to your financial provider’s website to see where you’re at. Retirement planning is a priority at every stage of your life, so making the time to review your contribution is crucial to setting yourself up for success in your golden years.

Take a look at your quarterly summary for the final quarter in December. Is the trajectory of your investment heading in the direction you’d like? If not, you may want to consider increasing your contribution.

  1. Planning for Medical Expenses

Life happens, and you can’t always plan for an accident. But if you have big life changes on the horizon, such as a new addition your family, planning for foreseen medical expenses is key to ensuring financial security throughout the year.

  1. Keep track of your Charitable Contributions

Charitable contributions, especially causes you support for family or friends throughout the year, can slip through the cracks. Some charities allow you to set up recurring automatic contributions which are easier to keep track of. Keep a spreadsheet of your donations for easy reference in the future and potential tax deductions.

  1. Get organized

You probably have a goal in mind for your overall financial performance this year. Maybe your focus is paying off credit card or student loan debt. Or maybe your goal is to maximize contributions in your 401(k). Creating a budget and setting goals for the year will help you develop a clearer picture of your overall financial standing, and help you determine tangible next steps to take.

  1. Get Expert Advice

StrategicPoint uses a disciplined financial philosophy to help you meet your goals. Our advisors help you plan not only for this year but for many years to come. If you need more information about any of the topics discussed in our post, please don’t hesitate to reach out to us. And don’t forget to download our complimentary checklist: Organizing Your Finances for the New Year: Your Complete Financial Checklist.



The information contained in this post is not intended as investment, tax or legal advice. StrategicPoint Investment Advisors assumes no responsibility for any action or inaction resulting from the contents herein. The author’s opinions and comments expressed on this site are their own and may not accurately reflect those of the firm. Third party content does not reflect the view of the firm and is not reviewed for completeness or accuracy. It is provided for ease of reference. Certain statements contained herein may be statements of future expectations and other forward-looking statements that are based on SPIA’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. SPIA assumes no obligation to update any forward-looking information contained herein.