fit tips

Take control of your finances and incorporate these tasks into your New Year ’ s routine ! by Lisa M . LaMarche , CFP ® CPA

SORT AND DIGITIZE YOUR PAPERWORK

Get a head start on your paperwork this year . Organize all of your financial documents , bills , and contracts prior to tax season . Invest in an inexpensive scanner and develop a process to scan in documents as you receive them . The end result is that you can keep documents received via email and snail mail in the same place . We all want that !

CREATE A REMINDER SYSTEM THAT WILL HELP YOU STAY ON TOP OF IMPORTANT FINANCIAL TASKS

“ Out of sight , out of mind ” is all too common when it comes to many important financial responsibilities . Create an annual routine that reminds you to perform those pesky tasks , such as rebalancing your 401k , reviewing your insurance beneficiaries , and understanding your employee benefits and retirement plans . It might be as simple as entering recurring tasks on your digital calendar .

MAX OUT YOUR RETIREMENT CONTRIBUTIONS

Take a good look at all of your retirement accounts and make sure you know how much you and your employer are contributing . If you recently received a raise , consider increasing the amounts that you are contributing to your company retirement plan . Not only does it benefit you down the road , but it saves you in taxes now .

REVIEW YOUR TAX WITHHOLDINGS

Did you receive a large tax refund last year ? If you did , you gave the government an interest-free loan . That ’ s very nice of you , but instead , you could be receiving those dollars throughout the year to save or help pay for a specific goal . Other reasons to review your withholdings are if you got married , divorced , or had children . Try and break-even – neither owing nor receiving money from Uncle Sam each year .

UPDATE YOUR ESTATE PLANNING DOCUMENTS

When was the last time you updated your estate documents – wills , trusts , durable power of attorney , and medical directives ? As life changes and we transition into different stages , it is important to re-read our documents and make sure they are up-todate . If you don ’ t have these documents , this is the perfect time to get them completed .

SCHEDULE A MEETING WITH YOUR FINANCIAL PLANNER , ATTORNEY , OR ACCOUNTANT

The beginning of the year is a great time to schedule a financial checkup . A financial advisor can help you make sure all of the above tasks are completed and you are off to a productive 2017 !