The end of the year is often a time to reflect on the year that we’ve had and to contemplate the year ahead. It is a great time to think about these five financial steps to start 2023 with your best foot forward.
Financial Step 1: Donating to Charity
The holiday season is synonymous with charitable giving. If you’re in the giving spirit this season, be sure to keep track of your donations and keep your receipts. If you itemize your deductions on your tax return, you can claim those donations to lower your tax bill.
Financial Step 2: Review Your Retirement Plan
Retirement planning can be tricky to navigate and understand, but this is an opportune time to review your plan and ensure you’re on track with your savings goals. Make sure you know the rules and options associated with your plan and if new options become available, take advantage of them.
Financial Step 3: Review Your Health Insurance Plans
Not only can you review your health insurance plans to ensure you have the coverage you need, but you may also be able to save money. With the rising cost of healthcare, it’s worth looking at various health plans and coverage options to see if any are a better fit for you.
Financial Step 4: Review Your Insurance and Estate Planning Needs
Insurance and estate planning are two important parts of your overall financial plan that sometimes get overlooked. It’s a good idea to review your life insurance and estate plans to ensure you have the right coverage. You should also ensure your will is up to date and that your beneficiaries are correct.
Financial Step 5: Plan Out Large Expenses and Emergency Funds
Financial planning isn’t just about retirement. It’s essential to plan out significant expenses so that you’re budgeting correctly while establishing an emergency fund for unexpected costs. Planning and preparing for large purchases or an emergency can save you from financial strain in the coming year.
By taking these five financial steps now, you can start 2023 with a clear financial plan and the confidence to manage any challenges that may come your way.
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