A 5-Point Personal Finance Checklist To Review Before the End Of the Year
- 2 years ago
The Motley Fool suggests these five steps to take regarding your finances before the new year.
1. Check your credit report.
Aside from getting a clear view of your accounts and loans, checking your credit report can help pinpoint financial fraud if you see something you don't recognize.
2. Review your budget.
Your expenses or income may have changed throughout the year. If so, tweak the numbers to account for the year ahead.
3. Use up your FSA.
You may have to spend the funds in your flexible spending account (FSA) by Dec. 31 or risk losing it. See what options are available to you.
4. Check in on retirement plan contributions.
If you haven't hit your personal goals for the year, you may be able to contribute a little more before the deadline.
5. Review your brokerage account.
You may want to sell stock or line things up for more diversity. You can also use capital losses to offset gains and lower your taxes.
1. Check your credit report.
Aside from getting a clear view of your accounts and loans, checking your credit report can help pinpoint financial fraud if you see something you don't recognize.
2. Review your budget.
Your expenses or income may have changed throughout the year. If so, tweak the numbers to account for the year ahead.
3. Use up your FSA.
You may have to spend the funds in your flexible spending account (FSA) by Dec. 31 or risk losing it. See what options are available to you.
4. Check in on retirement plan contributions.
If you haven't hit your personal goals for the year, you may be able to contribute a little more before the deadline.
5. Review your brokerage account.
You may want to sell stock or line things up for more diversity. You can also use capital losses to offset gains and lower your taxes.