During these uncertain economic times, financial planning has become a challenge. Here are a few financial planning suggestions that can add to your peace of mind about financial matters and simplify your life:
- At least once a year, write down your investment goals and what strategy you will use to reach them. This will keep you focused.
- Instead of giving money to many different charities, pick a few that are important to you, and give them a larger amount. This type of directed giving not only makes more sense, but also makes it easier to track your donations at tax time.
- Inventory your household possessions, optimally with a camera or camcorder. Keep the inventory at work or in a safe-deposit box. This inventory will help should you need to submit a homeowner’s insurance claim.
- Use one insurance agent and one financial adviser for your transactions.
- If you have doubts about entering into a transaction, don’t do it. You will probably save yourself money, time, and aggravation.
Some Financial Tips
Make Charitable Contributions
Consider making charitable contributions before year-end both to obtain the maximum tax deduction and to fulfill any charitable programs or commitments you may have established.
Buy a New Car
If you need a new car, now is a great time to purchase or lease. Frequently, dealers are anxious to clear out last year’s inventory prior to year-end. In making your choice, consider the federal tax (and occasional state tax) advantages for buying fuel-efficient vehicles.
