Tips For Financial Planning Before Year-End

Oct 09, 2014

year-endNow that the fall season is upon us, what a great time to review your finances before year-end, in order to be well-prepared when 2015 begins.

Develop a budget for now and for next year. Perhaps you have some financial goals you would like to achieve in 2015. Think about what changes you need to make in order to achieve those goals.

Review your health insurance. Open enrollment for health benefits is provided in October and November by many employers. It is important to review your health benefits information since your employer may have made changes due to health care reform regulations.

Increase your retirement contributions. If you’re not already saving for retirement, start now! If you are saving, determine if you need to save more and, increase your contribution to your investment accounts.

Review the balance in your flexible spending account (FSA). If you don’t use your FSA before the end of the year, you’ll lose out on the funds you have remaining. Now is the time to purchase new glasses, have dental work performed, or manage other qualified healthcare needs.

Make charitable contributions. Fall is also the time to clean out summer clothing you don’t need and donate it to charity. You may also want to clean out your basement and garage and take good condition items to your church or local charity. You will be helping others and also will get a tax deduction for 2014.

Review your home, auto, and life insurance coverage. In addition to your health insurance, now is the time to take a look at any changes you may need to make to your personal insurance coverage, which should be reviewed annually. If you have had any significant life changes or have any additional assets , you may need to purchase additional coverage.

Plan for vacations and holidays. It’s not too early to start saving for next year’s vacation. If you begin saving now, you will be able to put money away without having to come up with a large amount when the vacation comes. Now is also the perfect time to put a little extra away to cover the money you may want for your holiday spending.

Meet with your trusted financial advisors. This time of year is a great time to meet with our firm to prepare for year-end and to start tax planning for 2015. It’s also the perfect time to review your financial status and discuss strategies to achieve your financial success.

Categories: Healthcare & Dentistry