Hello everyone! This is Roger Brooks at Strategic Investment Management.
The beginning of the year is the perfect time to set the stage for the year to come. Today, to help you start off right, we’ll go through your financial checklist for 2024!
Here are nine things to remember.
#1. REVIEW 2023 AND SET GOALS FOR 2024 Consider all aspects of your financial situation, from your income to your debt, and see how well they aligned with your goals in 2023. Then, you can set goals for 2024.
#2. REVIEW YOUR BUDGET Assess your income and expenses, including how they may change over the year. Then decide on your savings goals. Be sure to check your budget regularly and make adjustments to ensure it stays aligned with your financial objectives throughout the year.
#3. START OR CHECK YOUR EMERGENCY FUND Speaking of savings, let's talk about your emergency fund. It's crucial to have a safety net of three to six months' worth of living expenses saved in a liquid account, like a savings or money market account.
#4. PLAN FOR DEBT PAYOFF Take stock of your outstanding debts, and pay off high-interest debts first. This will help you save on interest payments and move towards a debt-free financial life.
#5. DETERMINE YOUR RETIREMENT CONTRIBUTIONS Consider increasing your retirement contributions to employer-sponsored retirement plans like 401(k)s or IRAs. Take advantage of any employer-matching contributions to boost your savings.
#6. REVIEW YOUR INVESTMENT PORTFOLIO This is where a financial advisor comes in. A professional can help you shift your strategy to keep your portfolio balanced through life stage transitions.
#7. REVIEW YOUR INSURANCE COVERAGE Review your health, life, and property insurance coverage and make any necessary adjustments.
#8. REVIEW YOUR ESTATE PLAN Review and update your will, power of attorney, and beneficiary designations to ensure your estate plan reflects your current wishes and circumstances.
#9. START PLANNING YOUR TAXES It’s never too early to start gathering your documents and planning for tax season. Being proactive can give you time to prepare everything you need for filing in April.
I know this is just scratching the surface, but I believe this checklist is a great place to start off your year.
If you have any questions, don't hesitate to reach out. We’ll see you next month!