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The end of the year means many things: changing weather, time with family, and holiday celebrations (even though we might be celebrating a little differently this year).

This is also the perfect time to start looking forward to how we can start the new year off strong – especially when it comes to our finances. Keep in mind that this process doesn’t have to be complicated to be effective. Let’s take a look at a few things you can do to get ready for 2021:

 

Review your paystubs.

How much are you on track to make for the year and what taxes have you withheld? Working with a professional helps ensure you’re not leaving tax deductions on the table such as maxing out your retirement plan contributions, HSAs, and much more.

 

Update Us.

Have you had changes to your financial situation, employment, goals or plans? Please let us know. Click here to make an appointment.

 

Take an inventory.

Look at the expenses you’ve incurred over the last year. A quick, high-level way to do this is subtract your take home pay (net of taxes) and see how much you’ve been able to save throughout the year. People often don’t have a true understanding of their expenses; getting a handle on this can be a simple strategy to take control and gain a better understanding of your finances.

 

Make necessary changes.

Have you had big life events occur in the last year such as weddings or birth of children / grandchildren? Confirm the beneficiaries on your retirement accounts, life insurance, and potential updates to estate documents such as wills or trusts.

 

Remember you’re not alone.

Denver Private Wealth Management helps our clients organize their financial lives to ensure nothing is missed year-round – but taking a look at everything at the end of the year is especially helpful to see where you’ve been and where you’re going. Again, this doesn’t have to be time consuming to be effective and can be even more impactful when you work with a financial professional. CLICK HERE to make your appointment!

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The information contained in this post is for general information purposes only. The information is provided by Wrap Up 2020 With These 5 Simple Financial Tasks and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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