New Year Financial Checklist
New Year Financial Checklist
As the new year begins, it's a great time to go through this financial checklist to ensure your finances are in order.
Review Your Budget
Top Off Your Retirement Plan
If you have a 401(k), check to see that you are taking full advantage of your employer’s matching contributions.
If you have an IRA, you have until April 15 to scrape together the maximum contribution of $7,500 with an additional $1,100 if you are 50 years or older.
Paying Down Debt
Take a look at your outstanding debts and consider how manageable they feel today. If multiple balances or high interest rates are making it harder to make progress, a Debt Consolidation Loan from Community Resource Credit Union could help simplify your payments and put you on a clearer path to paying down what you owe.
Get a Free Copy of Your Annual Credit Report
It’s is an excellent time for an annual credit checkup. Remember that you can only request a free copy of your credit report from all three credit reporting agencies once a year. Get your annual credit report here, and look for fraudulent charges and other signs of possible identity theft.
Review Your Investments and Asset Allocation
You may need to make some adjustments to your mix of stocks, bonds, cash, and other investments to reflect your personal financial goals better or the current state of the economy and market.
Review Your Beneficiaries
Has your family situation changed during the past year? If it has, be sure to switch the beneficiaries on your accounts and life insurance policies to accommodate these changes.
Review Your Tax Withholdings
Review your W-4 to see if the amount of tax withheld from each paycheck needs to be adjusted. If you’re not a numbers person, ask your accountant for help.
Use this checklist to make sure your money matters are in order.