By Gabrielle Olya, GoBankingRates featuring Samantha J. Garcia, CFP®, AIF®, CDFA®, Wealth Advisor at Halbert Hargrove
Check In on Where You Currently Stand
Now is the time to check in on any financial goals you set at the beginning of the year.
“One goal that people should be checking in with themselves on is budgeting and spending,” Garcia said. “Did you set a goal to stay within a certain budget? How did your spending line up with what you thought?”
You should also review any savings goals you set.
Garcia recommends asking yourself: “How much were you able to save throughout the year? Is it what you had hoped at the beginning of the year? Is there anything you can do differently next year?”
“The next one is investing goals,” she said. “Are you contributing to a 401(k)? If not, are you contributing to an IRA? Are you putting your money to work in a way that’s earning more than the interest rate at your bank?”
Checking in on where you stand can give you a clear picture of where you may need to course correct for the coming year.
“Give yourself grace and be honest,” Martinez said. “There might be goals that you haven’t met, which can build stress, so instead of facing them, we might hide and ignore them. If you give yourself grace, it will allow you to try again. If you did meet your goals, don’t forget to celebrate! Either way, be honest with yourself — can you save more, invest more and increase your goals, or should you decrease those amounts? Making adjustments goes both ways.”
Make Sure All of Your Financial Accounts Are Up-to-Date
If you’ve had a life change over the past year, such as a marriage, divorce or having a child, make sure this is reflected on all of your accounts.
“This is a great time of year to check in and make sure your t’s are crossed and your i’s are dotted for retirement plans and for any accounts that have a beneficiary,” Garcia said. “Make sure your beneficiaries are up-to-date. This has been a wild year in the markets and for a lot of people personally, so making sure things are up-to-date is a really important thing.”
You should also check in on your current insurance coverage, Garcia said. “Have there been any life changes or are there changes coming next year?”
