It’s important to budget and keep your numbers in check throughout the year. Too often, we can get sidelined, and before we know it, we’re no longer moving in the right direction. Use the checklist below to get back on track before the calendar flips us into 2022.

 

Is your holiday budget out of control?

• Plan to pay off credit card debt. Check interest rates and concentrate on paying off the highest APR first, and if possible, pay more than the minimum each time.
• Reconsider your gifting strategy. It’s not the price tag that matters—many people appreciate a small, handmade gift over something store-bought.
• Revisit your budget for 2022. Set goals before the year ends and write down budgets and goals.

 

Are you making the best return with your money?

• Revisit your 401(k) contributions. If you aren’t on track to max out your contributions, change things up so you can boost your contributions with the remaining pay periods.
• Spend your Flexible Spending Account dollars. Depending on the plan, your FSA must be depleted by year’s end, including potential rollovers, or your contributions are forfeited.
• Take required minimum distributions. December 31 is the last day to take your RMD from your traditional 401(k) or IRA to avoid penalties.

 

Are you on a solid retirement track?

• You’re debt-free. If you enter retirement with debt, there’s a chance that it can restrict your quality of life, so take steps such as downsizing and limiting splurges now.
• You’re saving more than you need. Estimate the amount you need to achieve in savings by the time you retire and how much you should be saving monthly to reach that goal.
• You’ve closed the insurance gaps. Healthcare is typically one of the biggest expenses in retirement, so review your coverage now and plan for any gaps by using long-term care insurance, disability, and life insurance.

 

 

 

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