Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.
Key Takeaways
- A financial review helps you start the new year with confidence.
- Looking back at this year makes planning for next year easier.
- If you don’t have a plan, now’s the time to make one.
As the new year approaches, review your financial year with the checklist below. You’ll be glad you did!
Review Your Budget
Take a hard look at your budget compared to your spending. Identify areas that worked well and adjust for areas where you overspent.
- No budget? Now is the time to create one.
- With the holidays just around the corner, plan your spending so you don’t start the new year with increased debt.
Speaking of Debt
Review your progress on paying down debt, especially on credit cards. Make sure your budget allows for debt reduction (and elimination).
Know the Score
Get your free credit score and mark your calendar to review it at least twice a year. Learn more about credit scores here.
Review Savings
Take a look back at your savings progress this year and plan accordingly.
- Ensure your emergency fund covers 3–6 months of expenses.
- Contribute to your employer’s 401(k) plan at least up to the company match.
- Consider an IRA or Roth IRA to help with retirement savings and tax planning.
Don’t Leave Money on the Table
If you have a flexible spending account, spend down your balance before the deadline.
Review Your Benefits
Make sure you’ve made selections for your company’s benefit program before the open enrollment deadline.
Look to the Future
Be sure your longer-term planning is up to date as well.
- Review the asset allocation in your retirement plan and other investments and update if needed to reflect current conditions and your goals.
- Check beneficiaries on your retirement plans and insurance policies and adjust for any changes that happened this year.
As the year winds down, Lake City Bank is here to help you make smart plans and strengthen your financial future. Drop in to one of our branches or call our One Call Center at (888) 522-2265.
Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.
