Key Financial Moves Before Closing out 2022

We’ve experienced quite a wobbly ride in the financial market for these past few years. A global pandemic took a heavy swing, even made a home run, and left behind traces of some problematic effects which spilled over into 2022. This only reinforces the idea that careful financial planning is necessary in all economic climates, especially in times of market instability and vulnerability.

W can feel the clock ticking down and calendars counting off the last bit of 2022. However, there might still be some financial health checks we need to make and put some contingency plans in place so we can experience a truly happy new year…one that will be better on our pockets, purses, and of course our accounts. So, as we head into 2023 let’s consider some key financial moves before we kick off the new year.

What’s your insurance status? From health insurance, homeowner insurance, auto insurance to life insurance, the types of insurance you can have may sometimes feel endless. However, regular check-ups on your insurance policies should never be a question. So, just before the year closes out make it a point of action to re-evaluate your insurance policies to make sure you’re properly insured.

Time to review your investment portfolios: We saw how swiftly the global stage was reset when the pandemic hit, and that’s how easily life situations can be adjusted. Your investment portfolio should always consider investment goals that are appropriate for your current life stage, so factors such as your age or risk tolerance are all important. As some of these changes occur, do some alterations to and review of your investments and financial portfolio, and with just a few days left in the year, reach out to a financial professional and get some expert guidance on what reviews you can make to your overall financial portfolio. Always ensure that your financial investments and portfolios are still the right fit for you!

How about revising your beneficiary designations? This simply allows you to transfer your assets directly to individuals, irrespective of the conditions of your will. Beneficiary designations are usually done when you create a retirement account, a financial account, or maybe a life insurance policy. We advise you to take the last few days of 2022 and make any updates to the beneficiary section of your accounts. And here’s a key point, your beneficiaries can include an individual, a foundation or even an organisation even…it’s really up to you.

What’s your 2023 emergency savings looking like? Unforeseen emergencies can sometimes be a huge financial burden. So, with the many economic challenges being predicted for the coming year now might be a good time to check in on or set up your emergency funds. Maybe in some utopic universe you should have about three months’ worth of emergency funds set aside, but life is no utopia. Just be sure to put some money towards those unpredictable life events.

We know that the holidays are a big time of the year, but our financial goals should be even bigger. Let’s close out the year financially strong and start the new one even stronger. Do a bit of check on some of life’s key financial components to close out 2022, and you’ll be well on your way to moving forward with a financially secured 2023…we’ll be there waiting to guide you further. 

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