Strategizing Your Finances in 2024: A Comprehensive Checklist for Success

by | Jan 31, 2024 | Uncategorized | 0 comments

The start of a new year is a great time to take a comprehensive look at how the last 12 months went for you and to begin setting yourself up for achieving your financial goals in the new year.

Keep reading for a comprehensive 10 step checklist to organize and crush your finances in 2024!

1. Review your current finances. Review your income, expenses, assets, and liabilities to get a clear understanding of your financial strengths and areas for improvement.

2. Check your emergency fund. Is it enough to cover 6 months of living expenses if you were to suddenly your income? Determine how much youll need to set aside each month in 2024 to reach your target emergency fund goal.

3. Review your insurance plans. This includes health insurance, car insurance, homeowners, life insurance and disability. Ensure coverage is adequate to set yourself up for unexpected life events.

4. Review your investment portfolio. Regularly checking in on your investment portfolio is an essential part of your annual financial planning. This allows you to monitor the performance of your investments, ensuring they align with your financial goals and risk tolerance. Checking in also allows you an opportunity to adjust strategies in response to market changes or personal life events so that you can continue supporting your longterm goals.

5. Check your credit score. Regularly checking your credit report is essential to ensure accuracy and to protect against identity theft or errors. If your score is lower than what youd like it to be, add raising your credit score to your 2024 financial plan. Improving your credit score will lead to better loan terms, interest rates, and even insurance rates.

6. Get ready for tax time. Start prepping for your upcoming tax filing. Get started by making a list of all the income documents you expect to receive and look over your 2023 spending to identify and capture all potential deductions and credits.

7. Check on your retirement plan. Review whether your retirement plan still aligns with any life changes that occurred in the last year or any you anticipate happening soon, such as starting or expanding your family, shifts in income, or adjustments in your target retirement age. Assess all of your retirement accounts, if you have more than one, and get a clear understanding of where your money is invested and how each account is performing.

8. Check your estate planning. Estate planning is essential for making sure your wishes are carried out when you pass away or are unable to make decisions for yourself. Having a plan ensures your loved ones are informed and prepared to handle your assets according to your instruction. Review it annually to ensure it is up to date and reflects your most current wishes. If you dont have one in place yet, make this the year to create your estate plan. Reach out to us if you need help with where to start.

9. Set your financial goals. The point of financial planning is to help you achieve the things you really want in life. As you look ahead in 2024 and beyond, define your financial goals and strategize how to crush them. This is your chance to dream big and make a plan to turn those aspirations into reality.

10. Prepare your 2024 budget. Lay out a detailed budget for 2024 and incorporate all the revisions from your steps above.

Completing your 10-step financial checklist will empower you with the insights you need to navigate both the coming year and your longterm financial journey.

If estate planning or investing is part of your 2024 financial plan, Tera Investment Group can help you get started. Lets work together to achieve your financial goals and pave the path to the future you want.




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