End of Year Money Moves

Grab Your Calendar

 

It’s that time of year again; kids go back to school, the election season is near, fall holiday planning starts, and suddenly we all move closer to the end of 2018. As we approach the last quarter of the year, remember these ‘money moves’ that you still have time to make:

  1. Add to Your 401K. Now is the time to make additional contributions if you are not already maximizing. Some companies include bonuses in the last paycheck of the year. Consider giving yourself the ‘gift’ of the bonus down the road with a higher balance retirement account.
  2. Re-balance Your Investment Accounts. Meet with me to re-balance your accounts and reassess your financial plan with updated information.
  3. Check Your Budget. Analyze saving and spending, and readjust if necessary. Finish this year by updating your budget to start next year with a spending plan.
  4. Make Purchases With Cash. If you spend on holiday gifts, plan to pay with cash (or debit cards) and keep credit card balances low. Cash purchases are often less than credit purchases per item.
  5. Meet With Your Tax Professional. Discussing options to off-set taxes you will need to pay for 2018 can save you money. It’s better to be prepared and have time to make some changes then be ‘shocked’ at filing time. This year will see the Tax Cuts and Jobs Act takes effect in full force.
  6. Complete a New Risk Assessment and Financial Plan. If you haven’t done either of these in a few years, now is the time to update all information and update your financial plan.

Regardless of how busy you may be at the end of the year, procrastination can hurt your progress toward your goals. Financial planning is for everyone irrespective of age or income and is about your financial situation today so that you can plan for your financial future.
I highly recommend doing these simple steps before 2018 is over and look forward to working with you. Contact us with any questions!

 

*Advisory services offered through Trajan Wealth, L.L.C., an SEC-registered investment adviser. 

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