The winter holidays and crisp air signal the year’s end. As you wrap up the last quarter, now is the perfect time to review your finances. How do your accounts look? Are there any policies that need renewal? Assessing your current financial situation can provide you with a clear understanding of where you stand. With this knowledge, you can set realistic goals for the upcoming year, helping you stay one step ahead.
Elements is always here to support your journey toward financial success. That’s why we’ve created a financial checklist to help you finish the year strong and start the new one with confidence!
1. Update Your Contact Information
The information on your bank account(s) should stay up-to-date and consistent across all platforms. This will ensure all your documents and policies are sent to the right place. Here are a few areas that should be updated as part of your year-end checklist:
- Home address
- Phone number
- Email addresses
- Current employer/Job title
- Marital status
- Dependents
- Emergency Contact
Are you an Elements member?
You can update your information and more using our Online Banking. Just go to your Settings and click Contact Info to make the necessary changes. Don’t forget to click the Submit button once you’re done. Visit drordi.com/OnlineBanking to get started!
2. Complete Open Enrollment for Employee Benefits
If you have benefits through your job, open enrollment typically begins in the last quarter of the year. Be sure to review your current benefits and make any necessary changes before the deadline. During enrollment, you can view and adjust your health insurance coverage, add or remove dependents, and make changes to other benefits like life insurance, retirement contributions, and disability coverage. Changes in your family status or personal relationships—such as marriage, the birth of a child, or the loss of a dependent—may require you to update beneficiaries on retirement accounts, insurance policies, and other financial instruments. Keeping these details current can prevent complications later. Each company has its own enrollment schedule, so be sure to check with your employer to confirm the deadlines and make sure you’ve covered all the necessary updates.
3. Max Out Your 401(k) Contributions
Your 401(k) contributions play a crucial role in your long-term investments. By maximizing these contributions, you can significantly increase the amount of money available for your retirement. It's important to regularly check your contributions to ensure that you're on track to reach the maximum limit set by law. Additionally, be sure to take full advantage of employer matching, as this is essentially free money for your retirement!
4. Prepare for Tax Season
Tax season is the period, usually between January 1 and April 15, when individual taxpayers prepare to report their taxable income. Filing taxes can be confusing, especially if you don’t have the necessary forms on hand. While most employers send out W-2 forms at the start of the new year, you can get a head start by organizing your financial documents or receipts and reviewing potential deductions, such as medical expenses, mortgage interest, and education costs.
5. Review and Adjust Your Budget
What were your goals for this year? Whether you aimed to build up your savings or pay off a specific debt, take a moment to reflect on your progress and identify what changes need to be made. Don’t stress if you haven’t fulfilled your goals yet – there’s still time to finish strong. Keep in mind that you can modify your budget anytime to better suit your current lifestyle. A new year may call for a fresh financial plan.
