A man turns over a block to represent year-end personal financial planning.

5 Tips For Successful Year-End Personal Financial Planning

As a fresh 2023 draws near, it’s time to wrap up our year-end personal finance planning. This is the time to celebrate what you’ve accomplished and decide where you need to improve moving forward, but doing so is not always an easy task.

We’re diving into five tips to make your year-end personal financial planning as thorough as possible, especially when it comes to achieving your financial goals for 2023. These tips include; the right way to evaluate your insurance and financial plans, navigating your budget and adjusting it for inflation and milestones, saving the most during tax season, the advantages of maxing out certain accounts, and more!

Year-End Personal Financial Planning Tips

1. Periodically Evaluate All Insurance Or Financial Plans You Have.

During your year-end personal financial planning – and a few other times during the year – you should evaluate all insurance and financial plans you have in place. This includes:

  • Life insurance
  • Health insurance
  • Car/home insurance
  • Retirement accounts
  • Stocks/bonds
  • Real estate
  • Other investments

First, update your basic contact information and beneficiaries in case this has changed since last year.

Second, review the premiums and deductibles on your insurance plans. Shop around and make sure you’re getting the best deal. If you have an emergency fund, opt for higher deductibles and lower premiums.

Next, consider rebalancing your investment portfolio depending on the market. 2023 is posed to be a year with low-priced stocks, which could be an opportunity for the savvy investor. This is also a time to cut your losses and sell any investments draining your pocket.

2. Review Your Spending And Savings Plan For The New Year.

As the new year rolls around, be clear about what you want from your year-end personal financial planning for the next 12 months. Are there any significant milestones you need to prepare for? Do you want to start or increase your investments? Do you have enough savings built up to face an emergency?

In addition to your needs, you should also adjust your projections for inflation, which has recently escalated in the U.S. You’ll need a calculator and a few hours of downtime, but this review is essential to set you up for success in 2023.

Fireworks represent the joy of year-end personal financial planning.

3. Be Prepared For Tax Time.

You should check on your tax withholdings if you’ve experienced any major changes in 2022. Significant changes could include getting married, having children, or retiring. Be sure your taxes are adjusted, so the correct amount is removed from your paycheck every month.

Too little, and you’ll owe come tax time. Too much, and that money could have been making you more money through an investment instead.

Also, consider donating to a charitable cause to improve your surroundings and provide you with an additional tax deduction!

4. Max Out Tax-Advantaged Accounts.

Lower your taxable income by pumping extra cash into your 401(k), HAS, or traditional IRA. If you need to spend your HAS account dollars before the end of the year, book your appointments and cover any deductibles to make the most of your contributions. You may also want to contribute more to your child’s college fund.

If you don’t have any of the accounts listed – especially retirement accounts – do your research to learn more, as these may be a great way to grow your money exponentially over the years as you remain in the workforce.

5. Pay Off Urgent And Pending Bills

There’s no better way to begin the new year than with a clean slate, and finances are no different. If you are facing an urgent bill, part of your year-end personal financial planning should be to address this concern before the end of the month.

Examples of urgent expenses include:

  • Overdue utility or mortgage payments
  • Broken cars
  • Necessary home repairs
  • Replacing an essential appliance (refrigerator, water heater, etc.)
  • Emergency travel
  • Medical bills

If you have some savings, consider using them to pay off this invoice. You could also opt for a personal loan from family, picking up extra hours at your job, or – if you need the money ASAP – consider an emergency loan.

A black woman celebrates with balloons after completing her year-end personal financial planning.

Paying Off Urgent Bills With A Title Loan

An online title loan from Delaware Title Loans, Inc. can give you from $300 to $15,000 in the form of a short-term loan while using your paid-off car title as collateral. You get to keep your car as you repay the loan, and the application process is fast and simple.

Here are our requirements for an online title loan:

  1. Driver’s License or State Issued I.D.
  2. Lien-Free Title to Your Vehicle
  3. Your Vehicle for Inspection

If you have these items, head to our homepage and complete the inquiry form. Our representative will then reach out to you to finish your application! Even better, you can arrange to meet at a convenient location to complete the process.

Plan Right For 2023

When done right, year-end personal financial planning can set you up for a prosperous and exciting new year. Be sure to review your investments and insurance plans, prepare for tax time, max out tax-advantaged accounts, and cover the costs of any pending bills before the year’s end.

For emergencies you can’t cover on your own, Delaware Title Loans, Inc. has you covered. Using your car as an asset, you could get an online title loan for up to $15,000 to cover your emergency and provide you with peace of mind. Complete your financial planning the right way and start your loan application today.

 Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.