Including September, there are only four months left in 2022! With the kids back in school, now is a good time to sit back and take a look at your finances: budget for the holiday season, and get ready to hit 2023 in the best financial shape possible.

We’ve put together a few tips to help you achieve this.

Holiday Planning

First things first, create a budget for the holiday season. Will you be attending Halloween parties? What are your Thanksgiving plans? How many people do you have to buy Christmas gifts for?

Laying all of this out in a spreadsheet and attributing a realistic dollar amount to each gift can help you first see how much money you’ll need, and then help you create a good plan to make sure you have that much money put aside.

When you create a budget and stick to it for the holidays, you’ll not only come out on top financially, you’ll carry much less money stress into 2023.

Check-in on your Investments

The end of the year is always a good time to check in on your investments and make sure your portfolio lines up with your goals and personal values. Are you investing in companies that care about the same social causes as you do? Do your investments have the right level of risk to hit your goals?

Review your portfolio and contact a financial advisor to help you make any changes to optimize your returns.

Review Your Estate Plan

It’s a good idea to review your family and estate plan at least once a year. Are your assets allocated to go where you want them to in the event that something happens? You should also make sure that your will and other documents don’t conflict with any potential regulations – like limits on gift-giving, for example.

If done once a year, this is typically a quick activity but has a huge impact on your loved ones.

Don’t Forget about Taxes

The end of the year means the end of another tax period. Depending on how you have your income taxed, it might mean you have a big bill coming up. If that’s the case, review your budget and ensure you’re earmarking money specifically for paying taxes. And if you want to make sure your income is being taxed properly, book a call with a financial advisor today.

Regardless of if you’re doing estate planning or saving for the holidays, a financial advisor can help you wrap up 2022 and head into the new year on the right financial footing. Book a free consultation call with Steven today.