Four Financial Tasks to Complete before the End of the Year
As 2023 comes to an end, and you prepare for the New Year, now is a great time to sit down and think about your finances. People normally start their New Year’s resolutions every January, but why not tackle some important financial tasks in advance between now and December 31st? Don’t let the end of the year get here before you’ve done everything you can to maximize your finances as you head into 2024!
- Evaluate your 2023 Financial Goals
- Start by looking at the financial goals you set this year and then assess your progress towards them. Checking in on the progress of your goals can help identify specific areas you might need to work on in 2024, as well as help you decide how to prioritize spending and saving. If you didn’t set any financial goals in 2023, now would be a great time to start thinking about what you would like to accomplish in the New Year.
- Get a Copy of your Credit Report
- If you haven’t checked your credit report this year, now would be a great time! Each of the major credit bureaus (Equifax, Experian, and TransUnion) allow consumers to obtain a copy of their credit reports. This is a crucial opportunity to double check the items being reported to your social security number and identify any errors or signs of theft.
- Review and Adjust your Budget
- Examine your spending during this year in categories like housing, food and groceries, transportation, daily incidentals, irregular expenses, etc. Check your progress on reducing your debt, saving for an emergency fund, and other goals you set. Do you anticipate any major expenses in the next year, like having a child, getting married, replacing your furnace, a landscaping project, or a new car? Are there areas where you can cut back on spending to free up funds for your most important goals?
- Set Specific and Measurable Goals for Next Year
- Instead of saying, “I will save more money next year,” try this: “I will commit to setting up an automatic transfer of $250 per paycheck into a savings account dedicated to my upcoming wedding.” Or commit to paying down a specific credit card or loan by a specific amount within six months. Make a list of your goals and check your progress each quarter. Financial goals that are actionable, measurable, and specific are more likely to provide motivation and enhance the probability that you’ll meet them.
Set yourself up for success in 2024!
Checking these tasks off your to-do list before the end of the year is an important step toward starting 2024 on a solid financial foundation. If you are struggling with starting or updating your financial plan, budget, or goals, remember Regional Missouri Bank has other tools that you can utilize to make this process easier! Stop into any of our nine convenient branches or call us today to see how our team can assist you!