{"id":26998,"date":"2022-11-23T15:36:00","date_gmt":"2022-11-23T20:36:00","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=26998"},"modified":"2023-11-30T17:46:20","modified_gmt":"2023-11-30T22:46:20","slug":"year-end-financial-checklist","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/year-end-financial-checklist\/","title":{"rendered":"Year-End Financial Checklist"},"content":{"rendered":"\n

Before the year comes to a close, there are some things you need to do before you kiss 2023 goodbye.\u00a0 Doing some year-end planning can prevent you from wasting money…and help set you up for success next year.\u00a0 Here are some year-end financial tasks to add to your to-do list.<\/p>\n\n\n\n

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Review your budget<\/strong><\/h2>\n\n\n\n

This year, some people have lost jobs, gotten higher paying positions or permanently work remotely now.\u00a0 As a result, your spending habits may have changed.\u00a0 Look at where your money is going and see what adjustments need to be made to your budget.\u00a0 If you never had a budget<\/a>, now is a good time to create one.\u00a0 This will make it easier to save money and achieve your financial goals. <\/p>\n\n\n\n

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Set your goals for next year<\/strong><\/h2>\n\n\n\n

There\u2019s no need to wait until January to set your goals for the new year<\/a>.\u00a0 Whether you want to start a small business, build your emergency fund<\/a> or buy your first house, you\u2019re going to need a good plan.\u00a0 Experts suggest setting SMART goals<\/a>.\u00a0 That means your goals must be Specific, Measurable, Attainable, Relevant and Time-based.\u00a0 In other words, be specific about what you want to achieve, have a way to track your progress, be realistic about what you can accomplish, make sure the goal is worthwhile and set a deadline for making it happen. <\/p>\n\n\n\n

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Check your FSA balance<\/strong><\/h2>\n\n\n\n

If you have a flexible spending account (FSA)<\/a>, check your balance before the year ends.\u00a0 You may lose any funds that aren’t spent by December 31st<\/sup>. \u00a0Some employers give you a 2 \u00bd month grace period or allow you to carry over up to $610 of your unspent FSA.\u00a0 But they aren’t required to be so generous so double check the rules. If you aren’t able to rollover the funds, make sure you spend the money before the year is over. <\/p>\n\n\n\n

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Review your credit report<\/strong><\/h2>\n\n\n\n

Monitoring your credit is an important part of managing your finances.\u00a0 You want to make sure that you’re in good standing so that when you apply for a loan, you’re offered the best interest rates. The lower the interest rates, the more money you’ll save. Reviewing your credit report gives you a glimpse of what lenders see, prevents identity theft and help you identify and dispute mistakes.\u00a0 If it’s been a while since you checked yours, do it now.\u00a0 You can now get free weekly online credit reports from Equifax<\/a>, TransUnion and Experian<\/a> at AnnualCreditReport.com<\/a>. <\/p>\n\n\n\n

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Update the beneficiaries on your accounts<\/strong><\/h2>\n\n\n\n

Death can happen anytime and it\u2019s usually when you least expect it.\u00a0 If your family dynamics have recently changed, update the beneficiaries on your accounts so your assets go to the right people.\u00a0 Do this for your bank accounts, retirement accounts, life insurance policies and annuities. <\/p>\n\n\n\n

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Get health coverage for 2024<\/strong><\/h2>\n\n\n\n

No health insurance?\u00a0 Now is the time to get coverage for 2024. The Health Insurance Marketplace open enrollment period ends January 15, 2024.\u00a0 However, you must enroll by December 15, 2023 for coverage starting January 1st<\/sup>. Those who enroll between December 16th and January 15th will be covered beginning February 1st. To apply for Marketplace coverage, visit HealthCare.gov<\/a> or 1-800-318-2596.<\/p>\n\n\n\n

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Devise a plan to pay off your debt<\/strong><\/h2>\n\n\n\n

The average American has $6,365 in credit card debt.\u00a0 If you are a part of this group, it’s time to create a plan to turn your financial life around. The first step is to stop borrowing. No more swiping your credit card or taking out new loans. Next, you want to track your spending and look for ways to trim your expenses. Once you have a clear idea of where your money is going, you can decide how you’ll pay off your debt. Some people use the snowball method which focuses on the smallest debts firsts, while others prefer avalanche method which focuses on the highest interest rate. Do what works for you. Finally, if you have a high-interest card with a manageable balance, see if you can transfer your debt to a card with a 0% introductory rate.\u00a0 This will help you pay off your balance faster.\u00a0 Just be sure to read the fine print because there\u2019s typically a balance transfer fee attached, and the rate will go up once the introductory period is over. <\/p>\n\n\n\n

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Get organized for the upcoming tax season<\/strong><\/h2>\n\n\n\n

Missing receipts can cost you valuable tax breaks.\u00a0 Use our tax prep checklist<\/a> to start getting organized for the upcoming tax season now.\u00a0 Having everything you need readily available will save you time, stress and make it easier to claim the appropriate tax credits<\/a> and deductions<\/a>.\u00a0 <\/p>\n\n\n\n

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File your taxes fast, ez and stress-free.<\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Before the year comes to a close, there are some things you need to do before you kiss 2023 goodbye.\u00a0 Doing some year-end planning can prevent you from wasting money…and help set you up for success next year.\u00a0 Here are some year-end financial tasks to add to your to-do list. Review your budget This year, […]<\/p>\n","protected":false},"author":3,"featured_media":27026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-26998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\nYear-End Financial Checklist<\/title>\n<meta name=\"description\" content=\"Before year end, there are some things you need to do. 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