There is power in setting goals. The problem, however, is when the steps to accomplish those goals aren't clear. There is also power in having a specific trigger to a change in behavior - that is why New Year's resolutions are so great. It's a chance to start from scratch. It's a chance for a new beginning. If one of your 2019 goals was to get on top of your finances, here are some steps that will get you started in the right direction. The link to the full AICPA article (where Dave is quoted on #5), can be found here.
- Start the New Year with a New Plan
- Review Your 2018 Spending and Set a 2019 Budget
- Review Your Automatic Payments
- Update Your Form W-4 for Withholding
- Make an Early Calculation of your 2018 Taxes
- Revisit Your Contributions to Your Retirement Plan at Work
- Make Your 2018 IRA and HSA Contributions if You Haven't Yet
- Contribute to Your IRA As Soon As Possible
- Review Your Investment Allocation
- Consider Gifting to Heirs
Well there it is. These are a great starting point to getting 2019 started on the right foot. If you have any questions, feel free to reach out to us.