Getting on Track to Meet Your Financial Goals

December 1, 2023

Get the Steps with Our Year-End Checklist

As you get ready to welcome 2024, it’s important to make sure you’re financially prepared. Do you have the insights and protections you need to maintain peace of mind in the new year? Here are the essential financial tips to take now.

7 Steps to Meet Your Financial Goals

✅ Review Your Financial Plan

Whether you and your significant other have plans to travel more in 2024 or have had a medical setback and need to accommodate for the extra expenses, if there are any changes in your goals or situation, review how those expenses will impact your financial goals. Carefully plan how to make the necessary adjustments to avoid financial issues down the road.

✅ Check-In on Your Emergency Fund

If you dipped into your emergency savings in 2023, try rebuilding it, the sooner the better. The conventional wisdom for many household financial goals is to maintain 3 to 6 months of expenses in a liquid account to help cover unexpected expenses.

✅ Check Your Credit Report

Each of the major credit bureaus allows consumers to access one free report each year. Take the opportunity to double-check your credit score and identify any unexpected errors.

✅ Take Steps to Lower Your Tax Liability

Do you have the opportunity to lower your tax bill by taking advantage of year-end tax loss harvesting? Not only can selling off losing investments potentially help lower your 2023 taxes, it also lets you use that money to rebalance your investment portfolio to ensure it’s up-to-date and in line with your financial goals and risk tolerances.

✅ Year-End Charitable Donations

Another great way to lower your taxable income and increase your financial goals is through charitable donations. Research if a donor-advised fund (DAF) will allow you to receive an immediate charitable tax deduction in 2023 by filing an itemized return while having the flexibility to make donations from the DAF to your favorite charities later.

✅ Review Estate Planning Documents and Beneficiary Designations

Regardless of your age, if you haven’t implemented estate planning documents, it’s important to do so ASAP. If you haven’t reviewed your documents in a while, be sure to do so to ensure they remain with your current wishes.

Likewise, beneficiary designations can supersede your will and trust directives. Be sure to locate and identify the designations of your assigned beneficiaries and update them if necessary.

✅ Review Your Existing Insurance Coverage and Risk Management Needs

2024 is a new year, and with it you may also have new needs for your insurance coverage. If there have been any changes in your life or health that necessitate updating your current benefits. Additionally, maybe there are some policies you’d like to add for the additional peace of mind they can provide you and your loved ones.

As your association’s trusted benefits partner, AMBA provides knowledgeable Customer Service Associates and insightful Field Agents who are here to help you review options and determine the right coverage for you - whether it’s dental insurance, vision plans, or other policies. They’re just a phone call or an online form away. It’s nice to know that anytime you have questions about your insurance benefits, someone is ready to assist.

Request a FREE Benefits Review with an AMBA field agent at www.amba-review.com or call 866-615-4063 Mon.-Fri 8am-5pm CT.

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