As we usher in the new year, it’s crucial to take stock of our financial health and set the stage for a prosperous future. Here is a concise financial checklist to ensure you’re on the right track in 2024:
1. Review and Update Your Budget: Assess your income, expenses, and savings goals. Make necessary adjustments to accommodate any changes in your financial situation.
2. Evaluate and Adjust Investments: Analyze your investment portfolio. Ensure it aligns with your risk tolerance and long-term goals. Consider consulting a qualified financial advisor to optimize your investment strategy.
3. Use FSA Dollars and Make HSA Contributions: If you have a high deductible health plan (HDHP), explore maximizing your health savings account (HSA) contributions. In 2024, the maximum contribution for an individual HSA is $4,150, and the maximum for a family is $8,300. If you are 55 or older, you can contribute an additional $1,000.
4. Emergency Fund Boost: Aim to have at least three to six months’ worth of living expenses in your emergency fund. It provides a financial safety net in case of unexpected events.
5. Retirement Savings Reassessment: Confirm you’re contributing enough to meet your retirement goals. Take advantage of employer-sponsored plans and tax-advantaged accounts.
6. Insurance Review: Assess your insurance coverage, including health, life, and property. Adjust based on changes in your circumstances to ensure adequate protection.
7. Debt Reduction Strategy: Develop or refine a plan to reduce high-interest debt. Prioritize paying off debts to free up more money for saving and investing.
Remember, financial success is an ongoing process. Revisit this checklist throughout the year and adjust your financial strategy as needed.
Remember, financial success is an ongoing process. Revisit this checklist throughout the year and adjust
your financial strategy as needed.
Charlotte K Jay Financial Advisor 303-260-7494 cjay@jayfinancialgroup.com
This checklist was created using various sources including generative artificial intelligence output from ChatGPT. All output used in this checklist has been verified by the author/advisor. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network.