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Ten End-of-Year Steps You Can Take to Improve Your Financial Well-Being


Financial planning is an ongoing process, but there are several steps you can take in November to improve your financial well-being right now:

  1. Review Your Budget: Revisit your monthly budget and make any necessary adjustments. With the holiday season approaching, ensure you have a plan for managing your spending.
  2. Tax Planning: Evaluate your tax situation and consider any last-minute tax strategies for the current year, such as maximizing contributions to tax-advantaged retirement accounts or realizing any capital losses.
  3. Open Enrollment: If your employer offers open enrollment for benefits, review your options for health insurance, retirement plans, and other employee benefits. Make changes if needed.
  4. Set Financial Goals: Assess your progress toward your financial goals and set new goals for the upcoming year. Consider savings goals, debt reduction targets, and investment objectives.
  5. Holiday Spending Plan: Create a budget for holiday expenses to avoid overspending and accumulating debt during the holiday season.
  6. Charitable Giving: If you plan to make charitable donations before the end of the year, consider tax-efficient ways to do so, such as donating appreciated securities.
  7. Estate Planning: Review your estate plan, including your will, power of attorney, and healthcare directives. Ensure they reflect your current wishes.
  8. Insurance Review: Review your insurance policies, including life, health, and auto insurance. Make sure your coverage is adequate and up-to-date.
  9. Year-End Financial Cleanup: Organize your financial paperwork and update account beneficiaries if necessary. This will make it easier for you or your loved ones in case of an emergency.
  10. Financial Education: Take some time to educate yourself about personal finance, investments, or any financial topics that interest you. Continuous learning can help you make more informed decisions.

Remember that financial planning is a personalized process, and your specific circumstances and goals will influence which steps are most relevant for you. Consider consulting a financial advisor for tailored advice and strategies.

Planning Capital Management Corp is a Registered Investment Advisor with the SEC, and we are held to a fiduciary standard with all of our clients. We offer full financial planning in conjunction with investment advice and portfolio management. Should you have any questions or concerns about current market conditions, or just general financial planning questions, schedule a call with us!