Year-End Financial Planning

No matter the stage of life you’re in, it is always wise to take some time to evaluate your financial plan at the end of the year. Before you know it, it will be 2019! Here are some things to consider doing for year-end financial planning.

Evaluate Your Progress

It’s important that you check your progress frequently throughout the year to make sure you are on track. At the end of the year, you should take a look at the whole picture. Are you on the path to your goals? Or have you run into obstacles keeping you from staying on track? Evaluate how you did over the last year, and come up with a plan to keep you on track for next year.

Review Current Cash Flow

The end of the year is also a good time to review your cash flow. There are certainly changes that happen throughout the year, and now is a great time to take a look at your monthly budgets to find areas in which you can make painless cutbacks. Anything to save a few extra dollars can keep you on track for your long term goals.

Revisit Retirement Planning

Life can change on a dime, and if your situation changes, you might want to revisit your retirement planning. Maybe you got a raise and you can contribute more to retirement savings rather than buying a new car that you may not need but want. Take another look at your retirement plan and goals to see what makes the most sense for you and your plan.

Consider Changes You May Face in the Next Year

Maybe 2019 is finally the year you pursue your dream of staring your own business or buy that dream house. Consider what kinds of large investments you might be making next year. If you are looking to buy new home, check your credit score. If it’s not great, plan on ways to make it better before you make that move.

Talk With Your Financial Advisor

The best thing you can do is talk to your financial advisor. It’s their job to make sure you are in line with reaching your goals, be it retirement savings, buying a new house, or starting a business. They can help relieve some stress and confusion about what kinds of changes to your plan you should be making.

Stop in and talk to your Points West Community Bank representative about your goals today! Find the nearest location to you here.

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