It may feel like summer just ended, but the final months of the year have a way of arriving quickly. Between busy schedules, holidays and everything else competing for our attention, financial planning can easily get pushed to the bottom of the list.
That’s why early fall can be a good time to check in.
You don’t necessarily need to make major changes. Instead, consider taking a step back to look at where you started the year, where you are today and whether your financial strategy still reflects what matters most to you.
Here are five areas worth reviewing as we head toward the end of the year.
1. Revisit Your Financial Goals
Think back to the beginning of the year. What were you hoping to accomplish financially?
Maybe you wanted to increase your retirement savings, pay down debt, build your emergency savings, prepare for a major purchase or simply become more intentional about your finances.
Now is a good opportunity to look at the progress you’ve made and consider whether those priorities have changed.
Life rarely follows a perfect plan. A new job, growing business, marriage, new child, upcoming retirement or other major life event can change what matters financially. Your financial strategy may need to evolve along with you.
2. Check In on Retirement Planning
Whether retirement is decades away or beginning to feel much closer, fall can be a natural time to review your progress.
Consider looking at your retirement accounts, contributions and the goals you’re working toward. If your income or employment situation has changed during the year, it may also be worth discussing whether your current retirement strategy still makes sense for your circumstances.
Retirement planning is about more than reaching a certain account balance. Your desired lifestyle, timeline, income needs and other financial priorities can all play a role in developing a strategy for the future.
3. Look at Your Entire Financial Picture
Investments are only one part of financial planning.
Take some time to consider your broader financial picture, including savings, debt, insurance coverage, estate planning needs and any major expenses you anticipate in the coming years.
For business owners, this may also be an opportunity to consider how your personal and business financial goals work together.
Looking at these pieces collectively can help identify areas that may deserve more attention before the year comes to a close.
4. Start Thinking About Year-End Planning
December may seem far away, but waiting until the final weeks of the year can make financial planning feel unnecessarily rushed.
Depending on your individual circumstances, there may be retirement, investment, charitable giving, estate or tax-related matters worth discussing with the appropriate financial, tax or legal professionals before year-end.
Starting those conversations earlier gives you more time to understand your options and make informed decisions based on your individual situation.
5. Schedule a Financial Review
Sometimes the most valuable step is simply making time for the conversation.
A financial review provides an opportunity to discuss what has changed, revisit your priorities and consider whether your current financial strategy remains aligned with your goals.
If it has been a while since you reviewed your financial plan—or if you’ve experienced a significant change in your personal or professional life—fall may be a good time to reconnect.
Financial Planning for Lincoln, Beatrice and Nebraska Communities
At Muehling Financial, we believe financial planning should begin with understanding the person behind the numbers.
We work with individuals, families, working professionals and business owners in Lincoln, Beatrice and surrounding Nebraska communities to provide personalized financial guidance through different stages of life.
As we head toward the final months of the year, consider taking a little time to look at where you are today and where you want to go next.
Ready to start the conversation? Contact Muehling Financial to schedule a consultation.