If you have not yet retired, are still working and have kids in school, you’re probably in the frenzy of getting ready for the beginning of the school year and thinking about how things are going to be revving up soon on the work front. Of course, this is all happening during the last and hottest of the dog days of summer. There’s bound to be another lull to take advantage of before the fall season picks up the pace. And during a quiet time, I propose a personal financial review of four smart money moves to consider from now until the end of the year.
Health Insurance Review
First, get educated on your workplace health insurance before open enrollment. Year after year, insurance companies make changes to your company’s previous plan before installing a slightly altered one. You might take a moment to look at websites like www.healthcare.gov to educate yourself on what might be coming down the pike rather than waiting to make an uninformed election the night before open enrollments close.
Scout Scholarships And Grants
September is typically one of those months where big bills hit you for private education costs. Take time now to get ready for upcoming high school and college costs so you don’t get hit with an unexpected bill. This is also the time to begin having conversations with your junior and senior high school children about college. You’ll want to work with them to scout out scholarships and grants they may be eligible to apply for. Also review what you have saved and see if the kids are on target for your overall plan to earn scholarship/grant money.
This is a great time re-assess for budget improvements. Maybe you’ll be able to spot two or three areas where you think you can make some improvements and how you can capture those dollars to put towards your savings goals. It is also a fantastic time to take stock of your net worth and set goals for the remainder of the year.
No need to wait until April. Go ahead and assess your tax withholdings year-to-date. Keep in mind that it could be more important if you sold a rental home this year, or if you bought a new primary residence. It’s a great time to take stock of what kind of tax money you have withheld this year to date and do some projections to see where your tax liability will be, so you don’t get a surprise come tax-day.
Taking stock of your financial picture as the summer winds down prepares you to swing into the active fall season with a clear picture and perhaps a sense of accomplishment when you look at how you are advancing to the next level of your financial objective.
If you would like a professional review of your financial goals and plans give us a call. We love to help our clients review their goals any time of the year.