Financial Planning Checklist

As we come to the end of this year, savvy savers are organizing their finances and planning for the New Year. This simple checklist should help you end the year feeling accomplished, and at peace with your financial status, and poised for success!

Maximize Your Retirement Contributions

You’ve been diligent about setting money aside all year. 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

The holiday season is the perfect time to share your blessings with others. Consider 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

The holiday season is the perfect time to share your blessings with others. Consider 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!