Broker Check
Get Ready for 2024: 9 Financial Tasks to Complete This Fall

Get Ready for 2024: 9 Financial Tasks to Complete This Fall

September 15, 2023

It’s hard to believe we’re talking about the end of the year already. As I write this, there are only 108 days until 2024 – and I know they’ll pass in a flash.

We all get busy over the holidays, so I’m outlining some tasks below that will allow you to prepare for the New Year on a schedule that won’t have you scrambling at the last minute.



Plan for year-end tax strategies: If you're looking to reduce your tax bill for the year, November is the time to start planning. Consider making charitable donations or accelerating your deductible expenses to maximize your deductions. Ideally, your CPA is proactively planning with you in your tax planning. 

Review your budget: Look at your spending over the past year and see where you can make adjustments. Are there any categories where you consistently overspend? Consider cutting back in those areas to free up money for other priorities, such as debt repayment or saving. 

Maximize your retirement contributions: If you haven't already maxed out your contributions to your retirement accounts, now is the time to do so. Contributing the maximum amount allowed by the IRS can help you save more for retirement and reduce your tax bill. If you have maxed your employer retirement plan---check in with your financial advisor for additional strategies available for you.

Evaluate your insurance coverage: Make sure your insurance policies - including health, auto, and home - are up to date and provide adequate coverage. If you've had any major life changes in the past year, such as getting married or having a child, you may need to adjust your coverage accordingly.

Heads up: Homeowners and auto insurance are on track to see a significant increase in the next year.  



Check your credit report: Review your credit report to make sure everything is accurate and up to date. Dispute any errors and take steps to improve your credit score if necessary.

Revisit your investment strategy: Take a look at your investment portfolio and make sure it aligns with your goals and risk tolerance. If you've experienced any major life changes, such as a job loss or significant change in income, you may need to adjust your investments accordingly.



Review your financial goals: Take some time to reflect on your financial goals for the coming year and make a plan to achieve them. Consider setting up a budget or savings plan to help keep you on track.  Partner up with someone to hold you accountable.  This can really help a great deal! 

Make charitable donations: December is a great time to give back to the community and help those in need. Consider making donations to your favorite charities or volunteering your time.

Rebalance your investment portfolio: Take a look at your investment portfolio and make sure it's properly diversified*. Rebalancing your portfolio can help limit the volatility in your portfolio ultimately with the goal to help increase returns.


Ready to talk about your finances and start 2024 off on the right foot? CLICK HERE to schedule an appointment.

*Asset allocation & diversification does not guarantee a profit or protect against a loss.