Now Is The Time For Your End Of The Year Financial Planning

As we are well underway in the last quarter of the year, its a great time look at your finances as a whole, see what you have achieved thus far in the year, and re-assess your goals for year-end. We know it’s been quite a wild first half of the year in the world and in the markets, in fact, it has been the worst first half on record since 1970, along with 40-year high inflation data, the Russia-Ukraine war, the Federal Reserve hiking interest rates, and more, which makes this year’s EOY planning even more prudent. 

So, as you take a look at your finances and prepare for the holidays and 2023, let’s look at some steps you can take to reach your financial milestones. First and foremost, we’ve been focusing on tax planning and projections with many of our clients. It’s crucial to know your tax liability and prepare for the year to come in terms of your cash flow and savings. If you’d like us to analyze your tax return and help project what your 2022 tax scenario will look like, we are happy to help. Next, get organized. Organization and knowing everything you have and its location is something many individuals lack when it comes to their finances. Consider automating your finances all into one place so you have it easily accessible and at your fingertips. Make sure your beneficiaries are up to date and you have your estate planning in line. If you are interested in a demo of our financial planning software or have any related questions, please let us know. 

Once you have organized and consolidated your financial accounts, think about fulfilling your goal buckets, such as your emergency fund, 401(k), IRA, HSA, and regular brokerage account. The IRS has just announced 2023 tax income brackets as well as increased retirement savings contribution limits, so make sure you are projecting for that and also funding your 2022 contributions while you still have time! The extreme volatility year to date may be having you rethink your risk tolerance and attitude towards investing; however, it’s important to make sure that you don’t let volatility completely derail your long-term financial plan. 

One goal you might want to focus on during the last quarter of the year is funding your emergency fund and buckets for large purchases or tax payments. It’s always a good idea to have an emergency fund available to you in the event of a rainy day, so come up with a number that is comfortable to you and try to reach it. Additionally, given the current economic environment, we’ve been discussing cash management with many clients. If you have a large purchase coming up or are sitting on cash earning close to 0% at a money center bank and don’t want to put that money at risk, consider setting those funds aside in a high yield savings account or an FDIC insured CD/Treasury Bill. While these are only a few ways one can maximize their finances before the end of the year, it’s important you revisit your goals and see where you are in reaching them for the year. If you have any questions about your particular situation and are looking for a professional to help you with your end of the year planning, please schedule a complimentary 30-minute intro call here or email us at

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