We are heading towards the last few months of the year and into the cold winter, it has been a long year for investors and the financial markets. It has been filled with disappointment and frustration but we are finally seeing some light at the end of the tunnel, there is hope for the future. Fall has begun and the year is about to end which means we need to get our finances in order before the new year, so what should be on your Fall Finance To-Do list? I will not be able to cover everything, but just touch upon the important items.
Fall
Organize Paperwork
Staying organized throughout the year is probably the most challenging part of finances, if you have managed to keep things organized during the year good for you, but chances are you have a stockpile of documents lying around on your desk and receipts are all over the place. So first task is to get things organized, find your important documents, receipts and tax papers and start organizing them. If you need more help in organizing your finances see these tips.
Review Portfolio
You have probably done this throughout the year, but take some time and review all your transactions and current holdings, asses your portfolios risk to ensure it is still within acceptable range. Rebalance things as needed.
Asses Goals
I hope you have set annual goals for yourself (reduce debt, increasing savings, increase income etc), now is a good time to asses if you will be reaching your goals for the year. At the same review your long-term financial goals are you on track?
Review Budget and Spending
As I have mentioned over and over again you should have a budget and review it regularly to ensure you do not spend more than you earn, but now take sometime and do a thorough review of your budget and spending. Did you go over budget on regular bases? Were there many unexpected expenses? What months did you go over budget and why? You may notice a pattern in your budget or maybe you can shift things around to ensure you do not go over budget.
Check Networth
Although the year is not over yet, but if you have not updated your networth regularly then do so now. Update your networth and see how much it has grown (hopefully) while doing so you may find new ways to improve your networth.
I am sure there are other things you might want to do as well, this list is just a few important things that you need to pay attention to.
What is on your fall finance to do list? Have you done your fall finances and has it helped you in anyway?
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Hi Ray,
Good list. I recently reviewed my budget and realized I was spending almost $50 per month on subscriptions that I never used! Let’s see, I’m trying to check my networth on the first of each month and I revisit my goals frequently. I do need to get all of my important documents better organized. I’m thinking about moving some of my papers to a safe deposit box.
Solid list, Ray
In terms of reviewing my finances, I do it on at least a bi-weekly basis to assess whether or not my actions and behaviours are aligned with the financial goals (or any goals for that matter) I’ve set for myself.
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