As the year draws to a close, it is a good time to review your finances.

Five financial topics to review:

2022  Spending

It’s likely that inflation has taken a toll on your finances.   Knowing how you are spending your money is a good start to understand what actions you may want to take going forward.  How can you maximize income or change how you spend money?   How is your emergency fund?   Do you feel satisfied with how your are paying down your debt?  Can you consolidate credit cards? Spending time reviewing your financial situation in December is a good thing.

Consider Money Impacts For 2023

Are there any major purchases to plan for in the coming year?  A trip, a wedding?  What is your plan for paying for these?  Are you retiring?   Is there an older relative or spouse that will need your care which will impact your ability to earn income or deplete savings?

Tax Strategies

Is it a year to consider converting an IRA to a ROTH IRA ?  Are there other tax strategies to consider?  Consider how charitable contributions benefit the causes you care about and also benefit you from a tax situation.  Is a Qualified Charitable Contribution  or QCD a way to give money to your favorite charities?

Check your Credit

Have you checked your credit report during the year? Go to annualcreditreport.com  a site authorized by the Federal Trade Commission.  It provides you with a free credit report once a year from the three credit bureaus.  Note your score.  Also see what credit lines you have open and check for identity theft.

Make an Appointment With Your Financial Advisor

An annual review is always important.  If you have a trusted financial advisor, call to check in to discuss any things that may need to be done before 2023. And if you don’t have a financial advisor, you can find one.

Choice Connections is always happy to connect you to financial advisors we know and trust.