Financial Planning Checklist

It’s time to organize your finances. This simple checklist should help you feel accomplished, and at peace with your financial status, and poised for success!

Maximize Your Retirement Contributions

You’ve been diligent about setting money aside. But do you wonder if there is more you can do to provide for your retirement? Savvy savers prioritize their future by setting aside money in a 401k or IRA. Think of it as giving yourself a "future high-five". The more you set aside now, the faster you’ll reach your retirement goals.

Revisit Various Insurance Policies

Have you been blessed with a significant life event in the past year? From getting married, welcoming a new baby, or purchasing a new home, major life events will change your insurance coverage. Reach out to a few insurers to confirm that you have the right amount of coverage and are getting the best available rate for each of your policies. If you utilized one of your SmartyPig accounts for home renovations this year, be sure your insurance agent is aware of your improvements, especially any structural changes as they will boost the appraised value. While you’re thinking about it, be sure to update beneficiaries on all of your accounts.

Utilize Remaining FSA Funds

FSA funds expire at the end of the year so be sure to check your balance and use any remaining funds. While some companies offer a grace period or rollover option, you don’t want to risk losing these hard-earned dollars. Schedule wellness checkups or preventative procedures and book your regular dental cleaning and annual eye exam. FSA funds can also be used on prescription medications, first aid supplies, mobility aids, and a variety of medical testing devices.

Donate to Charity

Volunteering your time with a local non-profit, sending new or lightly used clothing and toys to those in need, or making a financial contribution to a cause close to your heart. If you itemize your taxes, your gifts may make you eligible for larger tax deductions. Be sure to request and save detailed receipts for all non-monetary donations valued over $250. Mileage to and from the drop-off location is eligible as well!

Organize Your Financial Records

Finally, take a few minutes to organize and simplify your financial records. Wherever possible, switch from paper checks to direct deposit. While you’re at it, verify that you have regular automatic transfers set up for each of your SmartyPig savings accounts. If you got a raise this year, consider increasing your monthly contributions, so you reach your savings goals even faster! Purging hard copies and opting for digital statements can streamline your files and make researching information easier but be sure to back up your data on in the cloud or an external hard drive regularly.

Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Sallie Mae makes no claims about the accuracy or adequacy of this information. These materials may not reflect Sallie Mae’s view or endorsement. Consult your own attorney or tax advisor about your specific circumstances.