As you get ready to welcome 2024, it\u2019s important to make sure you\u2019re financially prepared. Do you have the insights and protections you need to maintain peace of mind in the new year? Here are the essential financial tips to take now.<\/p>\n
![\"\u2705\"](\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/2705.svg\")
\u00a0Review Your Financial Plan<\/h3>\nWhether you and your significant other have plans to travel more in 2024 or have had a medical setback and need to accommodate for the extra expenses, if there are any changes in your goals or situation, review how those expenses will impact your financial goals. Carefully plan how to make the necessary adjustments to avoid financial issues down the road.<\/p>\n
\u00a0Check-In on Your Emergency Fund<\/h3>\nIf you dipped into your emergency savings in 2023, try rebuilding it, the sooner the better. The conventional wisdom for many household financial goals is to maintain 3 to 6 months of expenses in a liquid account to help cover unexpected expenses.<\/p>\n
\u00a0Check Your Credit Report<\/h3>\nEach of the major credit bureaus allows consumers to access one free report each year. Take the opportunity to double-check your credit score and identify any unexpected errors.<\/p>\n
\u00a0Take Steps to Lower Your Tax Liability<\/h3>\nDo you have the opportunity to lower your tax bill by taking advantage of year-end tax loss harvesting? Not only can selling off losing investments potentially help lower your 2023 taxes, it also lets you use that money to rebalance your investment portfolio to ensure it\u2019s up-to-date and in line with your financial goals and risk tolerances.<\/p>\n
\u00a0Year-End Charitable Donations<\/h3>\nAnother great way to lower your taxable income and increase your financial goals is through charitable donations. Research if a donor-advised fund (DAF) will allow you to receive an immediate charitable tax deduction in 2023 by filing an itemized return while having the flexibility to make donations from the DAF to your favorite charities later.<\/p>\n
\u00a0Review Estate Planning Documents and Beneficiary Designations<\/h3>\nRegardless of your age, if you haven\u2019t implemented estate planning documents, it\u2019s important to do so ASAP. If you haven\u2019t reviewed your documents in a while, be sure to do so to ensure they remain with your current wishes.<\/p>\n
Likewise, beneficiary designations can supersede your will and trust directives. Be sure to locate and identify the designations of your assigned beneficiaries and update them if necessary.<\/p>\n
\u00a0Review Your Existing Insurance Coverage and Risk Management Needs<\/h3>\n2024 is a new year, and with it you may also have new needs for your insurance coverage. If there have been any changes in your life or health that necessitate updating your current benefits. Additionally, maybe there are some policies you\u2019d like to add for the additional peace of mind they can provide you and your loved ones.<\/p>\n