A Quick Guide to Year-End Financial Review
Hey there, money maestro! As we approach the end of the year, it’s time to put on our financial detective hats and do a little digging. I’m here to walk you through a Year-End Financial Review, straight from a CPA’s playbook, but in a totally chill, casual way.
1. Income: The Cash Flow Dance
Alright, let’s start with the fun stuff: income. This is all about tracking the moolah that flowed into your pockets this year. Check your pay stubs, bank statements, and any side hustles you’ve got going. Make sure everything adds up and there are no mystery transactions.
2. Expenses: The Spending Spree
Now, let’s flip the coin and dive into expenses. It’s time to face the music: where did your hard-earned money go? Check those credit card statements, receipts, and bills. Look for any sneaky subscriptions or impulse buys that might have slipped through the cracks.
3. Budget Breakdown: Where Did It All Go?
Alright, now that we’ve got the numbers, let’s see how they stack up against your budget. Did you stick to the plan or did life throw you a curveball? It’s all good, just adjust for next year.
4. Tax Talk: Getting Ready for the Tax Man
Oh, the dreaded taxes. But don’t worry, we got this. Gather all your tax documents as you receive them January, like W-2s, 1099s, and any receipts for deductions. Let’s make sure you’re getting every penny you’re owed!
5. Investments: Checking in on Your Money Sprouts
Let’s peek at your investments, if you have any. Are they growing, or could they use a little TLC? Review your portfolio and consider any adjustments to keep it on the right track.
6. Debt Check: Facing the Money Monsters
Time to face the debt dragon. Check on any outstanding loans or credit card balances. Maybe it’s time to make a plan to tackle those monsters in the new year.
7. Retirement: Building Your Future Castle
Now, let’s talk about retirement. How are those accounts looking? Make sure you’re on track to live the dream when the time comes.
8. Celebrate Your Wins: You’re Rocking It!
Take a moment to pat yourself on the back. You’ve been juggling a lot, and it’s important to recognize your achievements. Whether it’s paying off a credit card or hitting a savings goal, every win counts!
9. Plan for the Future: What’s Next?
Alright, time to put on your fortune teller hat. What are your goals for the next year? Big or small, let’s set ’em up and knock ’em down!
10. Take Action: Let’s Go Get ‘Em, Tiger!
Now that we’ve got a game plan, it’s time to take action. Make a list, set reminders, whatever it takes to turn those goals into reality.
So, there you have it, your Year-End Financial Review in a totally casual, no-nonsense style. Remember, it’s all about knowing where your money is, where it’s going, and making it work for you. You got this!
Dawn Corbett is a driven, self-motivated, elementary educator, and a molder of young minds. She has taught in public education for twenty plus years. Creating original content is something that she is passionate about and gets excited about. She knows the value of confidentiality, cooperation, and being a team player. Working as an editor and blog writer has given her a valuable opportunities to develop her own intellect and a different perspective on how to respectfully communicate with others in different styles.