{"id":13913,"date":"2022-09-20T11:47:41","date_gmt":"2022-09-20T16:47:41","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=13913"},"modified":"2022-09-20T11:47:41","modified_gmt":"2022-09-20T16:47:41","slug":"7-steps-for-your-fall-financial-checkup","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/7-steps-for-your-fall-financial-checkup","title":{"rendered":"7 Steps for Your Fall Financial Checkup"},"content":{"rendered":"
With Fall officially here, now is the perfect time to do your financial checkup with Johnson Wealth & Income Management. <\/b><\/p>\n
You\u2019ve made it through the first nine months of the year and it\u2019s time to take a break from barbecues and beaches to review your finances. With summer officially closed, and Fall beginning, now is a perfect time to review your finances before the busy holiday season. It also allows you to close out the year confidently and help make tax time much easier on yourself early next year.<\/span><\/p>\n Here is a list of seven steps you can take to help get the most out of your financial Fall check up.<\/b><\/span><\/p>\n Analyzing your spending is a great way to see where you’re falling behind each month. Consider your monthly financial obligations, along with entertainment and other leisure spending to get a baseline idea of where you\u2019re at.<\/span><\/p>\n After reviewing your monthly budget, adjust it as necessary. It’s important to always budget for holidays, as they can be expensive. With Halloween, Thanksgiving, Christmas, New Year’s and other holidays on the way, it’s easy for all of these expenses to add up quickly. Especially if you’re planning a winter getaway or have family you\u2019ll be traveling to see.<\/span><\/p>\n Start by creating a holiday budget so you know how much money you have available for gifts, travel, and costumes this year. Once you have an idea of what you may be spending, start putting a little extra away each paycheck. You\u2019ll thank yourself when it comes time to buy presents, or put together that Thanksgiving spread.\u00a0<\/span><\/b><\/p>\n When you’re planning for the immediate future, it’s important to consider the large expenses you may have coming in the next few months. This can include household appliances that may need replacing or an anticipated medical expense that is not fully covered by insurance.<\/span><\/p>\n Next, determine the spending category you will take the money from to cover these expenses. Deciding on a source for these funds now will help you avoid making the wrong choices when you\u2019re under pressure in the future.<\/span><\/p>\n If you do not have enough money set aside for these expenses, build a savings plan into your monthly budget so you have the funds available when you need them, or as a last case scenario, apply for a personal loan online.<\/span><\/b><\/p>\n Still in the workforce? Nobody likes taxes, and on top of this, if you\u2019re part of the majority and get paid biweekly, it can be hard to keep track of how much tax is being withheld from your paycheck.<\/span><\/p>\n The good news is that there\u2019s an easy way to check whether or not your withholding amounts are correct. All you have to do is run some quick calculations and compare them with what you\u2019ve been given by your employer.<\/span><\/p>\n If it turns out that you\u2019re not getting enough money taken out of your paycheck each pay period, then you may want to talk with a financial advisor about adjusting your withholding amounts. The goal is to pay the perfect amount, so you\u2019re not hit with a huge tax bill at the end of the year, but you\u2019re also not lending the government your money all year long.<\/span><\/b><\/p>\n As you begin to approach retirement you\u2019re likely thinking more about wealth preservation than you are about credit scoring. Your borrowing days may be behind you. Even after retirement, however, your credit scores still matter for a variety of reasons, not the least being that your existing creditors will continue to check them from time to time. The good news? The recipe for maintaining good credit scores is essentially the same whether you are a young adult or a retiree. If you\u2019ve figured out how to achieve high credit scores prior to retirement, then the odds are pretty good that you can maintain pace well into your golden years.<\/span><\/p>\n If you’re using a budgeting app, chances are it comes with a free FICO credit score monitor. Credit scores are important to keep an eye on\u2014they give you a snapshot of how your financial life is faring, and they can help you spot trends in your spending and saving habits.<\/span><\/p>\n Even more good news is that if your score has improved over the last few months, that’s great! It means you’re making positive changes to your credit profile. That could mean paying off debt or setting up automatic payments on some of your bills.<\/span><\/p>\n Conversely, if your score has dropped, take some time to review your report in detail. If there’s anything wrong with it\u2014whether it be an erroneous charge or something else\u2014you can contest it with the Federal Trade Commission. If there are any changes you’d like to make to improve your score (for example, lowering your credit utilization rate by paying with plastic less often), set up automatic payments for those as well.<\/span><\/b><\/p>\n Investing<\/a> is a serious matter, and it’s important to consider the timing, diversity and dollar commitments you put towards your portfolio.. At the end of the day, we’re all human and prone to making mistakes\u2014even if we think we aren’t!<\/span><\/p>\n That’s why it’s so important that you speak with your Fiduciary financial advisor<\/a> before diverting from your investment plan. September is a great time to review your plan and consider changing strategies if necessary. This includes your retirement funds, stock investments, bonds, trust funds and share certificates. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan.<\/span><\/p>\n And remember- no matter how much money you have in retirement accounts or other investments, diversification<\/a> is key to a healthy portfolio!<\/span><\/b><\/p>\nAnalyze Your Spending<\/b><\/h4>\n
Anticipate Large Expenses<\/b><\/b><\/h4>\n
Review Your Tax Withholding<\/b><\/b><\/h4>\n
Monitor Your Credit Score<\/b><\/b><\/h4>\n
Review Investments<\/b><\/b><\/h4>\n
Review Your Health Insurance<\/b><\/b><\/h4>\n