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The end of the year is fast approaching. The best time to take inventory of your financial situation and to do your year end financial planning is now. Take your time to evaluate, budget, and plan your personal and business finances to start 2019 successfully.

 

Here are seven year end financial planning tips in order to end strong and start 2019 with your best foot forward:

 

#1 Your 2018 Financial Planning Progress

Did you create a financial plan for this year? Get ready to assess it. Which financial goals have you completed? If you have long-term financial goals, did your 2018 financial actions support them? Consider moving these long-term financial goals, such as finding unique investment opportunities, to your next year’s financial plan if they are still relevant.

 

#2 Your 2018 401(k) Contributions:

Do you have a matching 401(k) contribution plan with your employer? Don’t miss out those helpful tax deductions. Focus on contributing the maximum amount you can add to your 401(k) plan. Take advantage of the free money your employer matches for your plan. Check your matching limits with your company’s human resources department.

 

#3 Your Flexible Savings Account (FSA):

In case you have a FSA, check your unspent balance now. Some plans have a policy that will cause you to lose your money at the end of the year if it isn’t spent. Do you have a balance in your FSA account? Consider getting a checkup, a new pair of eyeglasses, order more medicine and travel/health items for an upcoming vacation, or visit your chiropractor or acupuncturist.

 

#4 Your Insurance Coverage:

Do you have a life, health, disability, homeowners, or long-term care insurance? Review all of your policies now. Evaluate any life events that have happened this past year that might warrant an increase in your policy amount.

 

#5 Your Estate Planning Documents:

Do you do estate planning? Is your last will and/or living will current? Take time at the end of each year to review your trusts and wills. Don’t delay. Life happens to the best of us. Often times, unexpected deaths has puts a family’s finances in jeopardy without having the estate planning documents in order.

 

#6 Your 2018 Expenses:

Do you know how much money you spend per month on what? Do you keep your receipts? Review them now and find out for which category you spend what on (housing, food, transportation, clothing, recreation, etc.). Use this opportunity to adjust areas where you overspend. Don’t collect your receipts yet? 2019 is a perfect time to begin a healthy and helpful financial habit!

 

#7 Schedule a Conversation with Your Tax and Financial Advisor:

Before tax season hits, schedule a conversation to speak with your tax advisor now about potential ways to save on your 2018 tax bill. Call your financial advisor and find out about unique investment opportunities or where you can beef up your existing investment accounts for short, middle or long term investment growth.

 

To achieve your financial goals, staying on top of your retirement and wealth management planning is important. The end of year is perfect to assess your current financial situation and find out what you can do to better reach your goals in 2019.

 

Want to learn about other ways to invest in your financial growth? Contact our team of SEC registered investment advisors to see how Hudson Companies can help you create a your customized financial plan for 2019.