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TruMark Financial Blog
December 14, 2021

Your complete year-end financial checklist

As 2021 draws to a close, take a moment to go through this year-end financial checklist to ensure your finances are in order before the start of the New Year.

Review your budget
Is your current monthly budget working for you? Are you stretching some spending categories or finishing each month in the red? Take time to review your budget and make any necessary changes.

Top off your retirement plan
If you have a 401(k), check to see that you are taking full advantage of your employer’s matching contributions.

Check your progress on paying down debt
Review your outstanding debts from a year ago and compare the amounts to what you now owe. Have you shed any debt, or is it growing? If you’ve made no progress, or your debt has deepened, consider taking bigger steps toward paying it down in 2022. If you anticipate getting a holiday bonus, put this money toward your debt.

Get a free copy of your annual credit report
End of the year is a great time for an annual credit checkup. You can request a free copy of your credit report from all three credit reporting agencies once a year. Look for accurate, updated information. If you find any errors be sure to dispute them immediately.

Review your investments and asset allocation
Take time at year’s end to rebalance your portfolio and to see if your asset allocation is still serving you well. You may need to make some changes to your mix of stocks, bonds, cash, and other investments to better reflect the current state of the market.

Review your beneficiaries
Has your family situation changed during the past year? If it has, be sure to switch the beneficiaries on your accounts and life insurance policies to accommodate these changes.

Review your tax withholdings
Review your W-4 to see if the amount of tax withheld from each paycheck needs to be adjusted. Changing up the numbers just a bit can make a significant difference in your tax bill at the end of the year.

The doors are closing on 2021 and it’s time to give your finances a full checkup. Use this checklist to make sure your money matters are in order before the start of 2022. Should you have any questions, TruMark Financial is here to help. Simply call 1-877-TRUMARK or visit your local branch.