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Your Year-End Financial Planning Checklist

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With the holidays around the corner, you’re likely planning family get-togethers, making shopping lists, and looking forward to winding down with loved ones. Do yourself a favor and carve out some time to review your finances so you can start off the new year strong. Here’s a short checklist of items to work through.


1. Review FSA and HSA Accounts

If you have one, check your Flexible Spending Account balance and put to use any unspent dollars that won’t be eligible to rollover into the new year. Check with your benefits department if you’re unsure how much you can roll over to next year, if anything.

For Health Savings Account holders, review your cash balance. We generally recommend ensuring you have a cash balance equivalent to your annual deductible before you start investing in that account. With it being open enrollment season, look at the upcoming year’s deductible and consider your HSA cash needs.


2. Make a Budget and Review Spending

Do you want to pay your car maintenance bill without flinching, take that bucket list vacation, or get dinner and drinks with the peace of knowing it’s totally within your monthly eating out allowance? Admittedly, budgeting can feel overwhelming and like a lot of work which is why many people fail to do it. Luckily, there are tools that can make budgeting something you can stick with—and dare I say fun?— like You Need a Budget. While budgeting will always require some effort on your part, being on top of your finances is freedom. Let YNAB help you fund your New Year’s resolutions.


3. Review 401k Contributions

Whether you’re looking to max out your 401(k) for 2021 or ensure you’re getting your full employer match for the year, review your contributions year-to-date. You may need to adjust your paycheck deferral to meet your contribution goals for the year and December 31 is the deadline for those contributions.


4. Consider Any Life Changes

This can be a great opportunity to reach out and consult your blooom advisor team. Having a baby, starting a new job, going part-time, or any other big changes can bring up important financial questions. You may need 529 advice, a rollover recommendation, or guidance on setting up a Roth IRA. Whatever it is, our advisor team is here to help.


Published on November 23, 2021