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Smart Money Moves: Your Year-End Financial Checklist

Dec 19, 2019, 17:07 PM
To do list on phone next to cup of coffee

The end of the year can come with many distractions – holiday shopping, parties, vacations and even the occasional gift-wrapping. But now that all of that is behind us, it’s a great time to pay special attention to your finances and take steps that will help you get ready for both next year and well into the future. Not sure where to begin? Our financial checklist can give you some simple ways to start getting your finances ready for the new year:

Contribute to your emergency fund. Nearly 40 percent of US workers have reported having less than $1,000 in savings to cover an emergency expense. Although you may already be cooking up some exciting financial goals, it’s important that your safety net is in place first. A general rule of thumb is to set aside 3 to 6 months’ worth of living expenses in case of job loss, illness or an unexpected bill.

Set up automatic payments. We won’t deny that keeping your finances organized on top of your day-to-day life can be hard. However, there is a better, easier way to manage your money – setting up automatic payments could be your answer. Setting up automatic payments for fixed monthly bills such as your cell phone or cable won’t just benefit your credit score, it will also help you relieve stress by not having to worry about your payments.

Check your credit report. If you haven’t reviewed your credit report in a while, now may be the time to take a look. Your credit report is more than just a score. Errors can occur and it’s important to review the account information and personal details that are being reported for accuracy.

Speaking of credit reports, did you know you can check your credit report for free, without penalty at www.annualcreditreport.com from each of the three credit bureaus? Staggering which reports you obtain throughout the year can help you stay on top of your credit report.

Set your 2020 budget & savings goals

What are your plans for 2020? Whether it’s a family vacation, a celebration, a big purchase, or just improving your financial life, thinking about your budget and savings plans before the start of the new year starts will put you ahead of the game.

Not sure where to start? Or how to accomplish some of the things we’ve mentioned above? Allow us to introduce you to our financial wellness program. Through either online tutorials or in-person sessions with our in-house Financial Wellness Coaches, you’ll get the answers you need, when and how you need them.

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