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Are you wondering what resolutions to set for the new year? This article helps you make finances a priority with meaningful suggestions. Included are items like an estate plan review, and an insurance evaluation. It’s also a good time to start looking at tax preparation!
For many people, a new year is a time for personal reflection, a time to consider commitments and goals for the coming year. This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial stability and prepare for the uncertainties of tomorrow.
Consider the following steps:
Get Organized. Gather all important financial documents – life insurance policies, homeowner’s insurance, wills, trusts, and other pertinent financial records – and organize them so that they are easily accessible.
Schedule a Legal Consultation. Arrange a time to meet with an estate attorney to review or write a will and establish any necessary trusts. Prior to meeting, discuss with your spouse or other loved ones how to handle property dispositions and guardian appointments.
Keep Debt in Check. Pay off high interest debt first, especially if the interest is not tax deductible. It’s best to avoid the minimum payment trap. By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases much more costly in the long run.
Review Insurance Coverage. Review life insurance policies to ensure that beneficiary designations are still appropriate and that all arrangements are up-to-date. Also, consider repaying loans against any insurance policies. This can help with reestablishing an emergency fund for the future.
Apply for Scholarships. If children plan to attend college next year and require financial aid, remember that financial aid forms are due early in the year. The earlier applications are submitted, the better the chances may be for obtaining aid.
Prepare a Tax Strategy. Begin to gather tax information and arrange a time to meet with the family accountant, if necessary. It is important to file income taxes on time and to be aware of any tax changes that may affect the tax return.
Write It All Down. After meeting with the financial, insurance, and tax professionals, write down a few realistic goals that are achievable. Make the commitment nowto plan finances accordingly. This is a good first step to building a solid financial future.
The new year offers us a fresh beginning. This year, resolve to make your finances a priority. With proper planning and appropriate guidance, you can begin to work toward financial independence and prepare for life’s uncertainties.
