End of the Year Money Check list

Take control of your finances before the new year start. Its ok that you didn’t get to save as much as you wanted in 2019. Let not focus on the past but prepare ourselves for the future.

Here at some tips and stuff you should review before 2020 starts.

Write down your money goals for 2020. What do you want to accomplish in the upcoming year? How much do you want to save? How much debt do you want to pay off? What vacations do you want to take? What other items do you need to save up for, such as back to school or Christmas?

Check your credit report- You can download and review all three of your credit reports for free once a year at Annual credit report. If there any mistakes on them put in a claim to get it fixed. Anything negative effect your ability to get better interest rates.

Emergency fund – An emergency fund will protect you if you lose your job, or something goes wrong around the house or car. Start saving something. Start with $5.00 then work your way up for 3 to 6 months of expenses. Put the money in a high yield saving account such as Ally Bank or CapitalOne 360.

Budget/Spending plan– If you don’t have a budget/spending plan. You have to create one. You must tell your money where to go.

If you have a budget already. Review your budget. What is working and what is not working? It will take a couple of months to perfect your budget.

Know your numbers check you bank statements, credit card statements, and all your bills. Do you see a theme of where your money is going?

Check your subscriptions, Do you use all of them? Can you get rid of some?

Magazines, Apps, Hulu, Amazon Prime, Netflix, Apple TV, clothing & Hair subscriptions, gym memberships. Cancel what you are not using.

Retirement contributions– Review to see how much you are contributing. Increase your contributions. It will make your taxable income lower.

If you didn’t start, contact your HR department to see how you can get started. Increase your contributions or max it out if you can.

Estate Plan- Do you have a will? A living Trust? There are many documents that go into completing your estate plan. Go see a lawyer that focuses on Estate Planning. This will protect your assets when you pass away.

Life insurances Do you have life insurance and/or enough? Speak to life insurance agent to discuss the different types.

Beneficiaries – Do you have Primary and contingent beneficiaries on bank accounts, life insurances, 401k plans? Do they need to be updated?

These tips will help you get ready for the new year.

Don’t stress yourself getting through the list. Pick 2 or 3 items to do to review every week until it done. Focus forward and do little by little but do it so you can start a healthy financial journey in 2020.

What tip will you tackle first? Let me know down below.