Prepping for Prosperity: LynnLeigh & Company's Year-End Financial Checklist Guide

As the calendar's pages turn and the year draws to a close, the atmosphere is often filled with festivities, reflections, and resolutions. While many are preoccupied with holiday preparations, it's crucial not to forget about your financial well-being. It's an opportune moment to take stock, review, and optimize your financial plans.

At LynnLeigh & Company, we understand the importance of securing a prosperous future. That's why we've compiled this comprehensive checklist, tailored to ensure you step into the New Year with confidence and clarity in your financial journey.

1. Review Your Financial Goals

Reflect on the financial goals you set at the beginning of the year. Whether they were short-term targets like building an emergency fund or long-term ambitions such as retirement planning, assess your progress. Celebrate your successes and recalibrate areas where you've fallen short.

2. Examine Investment Portfolios

Markets are dynamic, and asset allocations can drift over time. Ensure your investment mix still aligns with your risk tolerance and future objectives. Consider rebalancing if necessary.

3. Maximize Retirement Contributions

If you haven't already, ensure you're maximizing contributions to your retirement accounts. Catch-up contributions can also be advantageous if you're over the age of 50.

4. Evaluate Your Tax Situation

Connect with your tax professional to review potential deductions and credits. Consider tax-loss harvesting strategies or making charitable donations to optimize your tax situation.

5. Update Estate Plans

Life is ever-evolving. Significant events like marriages, births, or losses can impact your estate plans. Review your will, beneficiaries, and other estate planning documents to ensure they still reflect your wishes.

6. Assess Insurance Coverages

From health to homeowners, it's pivotal to ensure your insurance policies provide adequate coverage. Evaluate your needs and make necessary updates to ensure you and your loved ones are safeguarded.

7. Eliminate Unnecessary Expenses

Review bank and credit card statements. Identify and eliminate any redundant subscriptions or services you no longer utilize. This simple step can lead to substantial savings over the coming year.

8. Set New Financial Goals for the Upcoming Year

With insights gleaned from this year's review, chart your financial course for the New Year. Whether it's saving for a significant purchase, investing in new ventures, or bolstering retirement funds, defining clear goals will provide direction and purpose.

9. Build or Refresh Your Emergency Fund

Unforeseen events can occur, and having an emergency fund is your financial safety net. Ensure it's adequately funded, typically covering 3-6 months of living expenses.

10. Stay Informed and Educated

At LynnLeigh & Company, we believe in empowering our clients with knowledge. Subscribe to financial news, attend workshops, or schedule regular check-ins with your financial advisor to stay informed.

As the year winds down, it's not just about reflecting on memories and making new ones—it's also about ensuring a sound financial foundation. With this checklist in hand and the trusted guidance of LynnLeigh & Company, you're poised to enter the New Year with your finances in optimal shape, ready to embrace the opportunities it brings.