End of 2023 Financial Checklist

The end of the year is fast approaching. As the holidays roll around, money matters can easily get lost in the shuffle of festive cheer, travel plans, and family visits.

That’s why now is the ideal time to pause and get your finances in order before the new year begins. Taking a few key steps can help start 2024 on solid financial footing.

Here is an end-of-year financial checklist with 10 smart money moves:

  1. Review and organize financial paperwork: Gather up tax returns, bank and brokerage statements, bills, and any other financial paperwork. Review transactions, balances, and returns. Shred old paperwork you no longer need to keep. Organize current documents so you know what you have and can access info easily in the new year.
  2. Review your financial goals – Take time to reflect on your financial goals and assess your progress. Have you met the goals you set at the beginning of the year? If not, what steps can you take now to catch up?
  3. Assess your expenses – Review your spending habits over the past year; try using a budgeting software to see your actual expenses and identify areas where you need to cut back or adjust. Looking at the data will help you create a more efficient and realistic budget for the coming year.
  4. Maximize retirement contributions – If you haven’t already done so, consider contributing the maximum amount allowable to your retirement accounts. This will reduce your taxable income and help you build a healthy retirement nest egg.
  5. Take advantage of tax-saving strategies – Explore all available tax deductions and credits. You may want to consider making charitable donations before the end of the year to reduce your tax liability. Remember, it’s best to consult a tax professional for personalized advice.
  6. Plan for tax season – Gather and organize all your financial and tax-related documents to make the tax-filing process smoother. Start researching potential tax changes that may affect you in the upcoming year.
  7. Review insurance coverage – Evaluate your insurance policies, including health, home, auto, and life insurance. Let your agent know of any significant life events or adjustments to ensure you have appropriate coverage and aren’t paying for frivolous extras.
  8. Automate 2023 savings goals: Set up automatic transfers from checking to savings accounts or brokerage accounts. Scheduling recurring monthly or biweekly deductions ensures you seamlessly save toward goals like an emergency fund, vacation, down payment, or retirement without having to manually move money every time. Set it and forget it for steady progress.
  9. Check your credit report: Visit annualcreditreport.com to receive your free annual credit report from each of the three credit bureaus. Scan reports and dispute any errors by submitting documentation to correct inaccuracies that could affect your credit score. Also check reports for any suspicious activity like accounts you don’t recognize opening in your name.
  10. Meet with a financial advisor: Schedule an appointment with a financial advisor, accountant, or tax preparer to discuss your overall financial health. Review savings and debt levels, returns on investments, tax strategies such as realizing capital losses for deductions, and more. Discuss any needed changes to keep making progress on financial goals in the coming year.

Following this year-end financial checklist helps to set you up for less financial stress and save time and hassle later. Remember, staying financially healthy is an ongoing process that requires regular monitoring and frequent adjustments.


Joe Ezernack & The Trademark Capital® Team

This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice. Trademark Capital’s investment strategies are built using quantitative, proprietary algorithms that are designed to identify and react to changing market conditions. However, investors should be aware that no investment strategy or risk management technique can guarantee returns or eliminate risk in any given market environment. As with all investments, Trademark Capital Management’s investment strategies are subject to risk and may lose money. The investment strategies presented are not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Due to our active risk management, our managed portfolios may underperform during bull markets. Past performance is no guarantee of future results. 


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