Year-End Financial Checklist!

Looking for a quick year-end checklist to make sure you've got your financial house in order for 2023? Well look no further my friends, First Foundation has you covered!

As the year comes to a close, it's important to take some time to review and assess your financial situation. Here is a ten-item year-end checklist to help you get organized and set yourself up for success in the coming year:

1. Review your budget: Take a look at your income and expenses for the year and see where you can cut back or make adjustments. This will help you get a better handle on your financial situation and set you up for success in the new year.
2. Check your insurance coverage: Make sure you have the right coverage for your needs and that your policies are up to date. This includes your health, life, home, and car insurance.
3. Update your will and power of attorney: If you haven't already done so, now is a good time to update your will and power of attorney documents to reflect your current wishes and circumstances.
4. Review your investment portfolio: Take a look at your investment portfolio and make any necessary changes to ensure that it aligns with your financial goals and risk tolerance.
5. Contribute to your retirement accounts: If you haven't already done so, consider contributing to your RRSP or TFSA to take advantage of any tax savings and build up your retirement savings.
6. Pay off debt: Now is a good time to focus on paying off any high-interest debt, such as credit card balances or personal loans.
7. Review your credit report: Make sure your credit report is accurate and up to date by checking it regularly. This will help you stay on top of your credit score and make sure there are no errors that could impact your creditworthiness.
8. Update your emergency fund: It's important to have an emergency fund in place to help you weather financial setbacks. Make sure you have enough saved up to cover at least three to six months' worth of expenses.
9. Plan for tax season: Start gathering all of your tax documents and receipts now so that you're prepared when tax season rolls around. Consider hiring a tax professional if you're not confident in your ability to do your own taxes.
10. Review your financial goals: Take some time to review your financial goals and make a plan for how you'll achieve them in the coming year. This could include saving for a down payment on a house, paying off debt, or building up your retirement savings.

These ten items can help pave the road to a financially successful and organized new year. Want a second opinion? Click the link below to get in touch with an actual human today for a no-cost, no-obligation review. We can’t wait to show you why we think #brokeredisbetter !

https://www.firstfoundation.ca/contact/