New Year’s Financial Checklist for 2019

 In Cash Flow & Spending, Credit & Debt, Estate, Insurance, Investments, News, Retirement

Happy New Year!

At the start of 2019, if you are like many individuals, you may have made a New Year’s resolution list. To help you on your financial journey, you will find below a financial checklist for the New Year to help you make sure you’re on track financially and able to reach your goals.

1. Create a budget – Creating a budget is one of the most fundamental steps you can take in order to start spending less, saving more, and reaching your goals.

2. Ditch debt – A great way to fuel your savings is by paying down your debt.

3. Increase retirement plan contributions – For 2019, the IRS increased the contribution limit for many retirement plans and other tax-advantaged savings accounts. If you haven’t increased your retirement savings in a while, try increasing your contributions by at least 1% each year. Save as much as you can for as long as you can!

4. Make catch-up contributions – If you are 50 or older, you can make extra contributions to qualified retirement plans to boost your savings.

5. Rebalance your investments – Is your portfolio aligned with your risk tolerance and objectives? Rebalance your investments if necessary.

6. Create a will – If you haven’t ever had a will written by an attorney, now is a great time to ensure that your assets pass along to your heirs according to your wishes. For parents with young children, having a will is imperative to make sure the guardian of your choosing will look after your children if needed.

7. Boost emergency savings – Having an emergency fund is essential to ensure you’re protected from unanticipated expenses or unemployment. We recommend you have at least 3-6 months of living expenses saved.

8. Monitor your credit report – Check your credit report at least annually to monitor for fraud and accuracy. You can go to to request a free credit report. Additionally, you may want to consider freezing your credit report with the three credit bureaus (Experian, Equifax, and Transunion) to protect you from identity theft.

9. Review your protection plan – Life is full of risks and one of the biggest risks you can take is by not having adequate auto, home, life, or disability insurance in place. Make sure your insurance coverage is adequate in each area.

10. Pay your bills automatically – Enrolling in bill payment is a great way to avoid missed payments, late fees, and dings on your credit score.

At River Capital Advisors, we can help you and your family start the New Year off right by making your financial resolutions a reality. Please contact us to discuss your goals and objectives and how we can help you reach them.

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