1. Check out your 401K contribution.
Can you afford to contribute more? Does your employer offer a Roth option? Be sure to maximize your employer’s matching option.
2. Create a budget.
Evaluate your monthly bills and attempt to negotiate lower rates for things like cell phone plans, cable and internet, and home security systems. You’ll be surprised at the rates you can get if you just ask! Download our free budget toolkit to help you get started:
3. Make a plan.
After documenting your budget, make a plan to pay down high interest debt like credit cards and student loans.
4. Create a will or estate plan.
If you already have a will or estate plan, you should be evaluating it each year.
- Do you have new assets you should consider in your will?
- Was there a birth, adoption, death, marriage, or divorce in your family?
- We are happy to recommend an attorney from our extensive referral network. Let us know how we can help you:
5. Designate a contact person.
You should have one person who knows where your important documents are stored:
- Identification documents
- Power of Attorneys
- Location of all financial/bank accounts
- Online passwords
- Any other documents or credentials that your family and loved ones will need if you are deceased or medically incapacitated.
6. Assign a durable and a medical power of attorney.
We have a helpful toolkit that will help you start the conversation about your wishes.
7. Evaluate your insurance plans.
Life, Home, Auto, Long Term Care, Flood, Disability, Liability
- Do your plans suit your current needs?
- Are you over or under insured?
8. Evaluate your withholding on your W-4.
Has something changed?
- Birth of a child
- Second job or income stream
- Marriage or divorce
- Any event that would increase or decrease your number of deductions
*FinTrust Investment Advisors, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.