Getting Organized in the New Year
Making organization a top priority can help reduce stress and set the tone for achieving your financial goals in the new year. Here are some practical suggestions on how to get your money matters in order for the year to come.
Streamline document sharing
To make tax season easier on you, it’s best to think ahead. Getting organized now can ease stress later. You can eliminate an extra step by asking your financial advisor to send necessary tax documents directly to your CPA, thus streamlining the document-sharing process. Getting ahead on your organization for the year can save you time, reduce chance of error, and avoid last-minute pressure.
Go paperless
What does it mean to “go paperless”? It might mean going digital with all your financial documents. Using less paper is not only great for the environment, it can also make it easier for you to stay organized. You can use platforms like the cloud and password protection to store documents digitally. That eliminates clutter in your home, keeps all your information in one place, and protects your documents from physical damage from floods or fires. Among the many benefits, going paperless enhances accessibility and convenience. If you would like assistance on how to go paperless, reach out to our office today.
Consolidate your accounts
Consolidating your financial accounts helps simplify your financial management by reducing the number of accounts you need to track, which makes it easier to monitor your balances and prevent errors. Reducing the number of accounts streamlines statements and, in some cases, can minimize fees as well. If you want to consolidate redundant accounts, make a time to meet with your financial professional to determine how to transfer your account balances, choose the right time to consolidate, and how to best organize your record.
Update your advisor on key life changes
A lot can happen over the span of a year. As a new year begins, it is a good time to look back at the past 12 months and alert your advisor of any life changes. This would include new personal contact information; address changes; marriage, divorce, deaths in your family; employment status; birth of children, among other things. It is important to notify your advisor of all changes – large and small -- so they can best continue to serve your needs and set you up for a financially successful year to come.
Review retirement goals
As you review any life changes with your advisor, it is also a good time to evaluate your long-term financial goals. If you have experienced a significant life change in the past year, your retirement plan may look different. Schedule a time to meet with your advisor to review your current investments and account performance to determine if you would like to adjust things in the year to come.
At West Michigan Advisors, we want to guide you to financial success in the new year. Making organization a priority can help you be more confident in your financial plan and will help us in make your goals a reality.
The material has been gathered from sources believed to be reliable, however West Michigan Advisors cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. To determine which investments or planning strategies may be appropriate for you, consult your financial advisor or other industry professional prior to investing or implementing a planning strategy. This article is not intended to provide investment, tax or legal advice, and nothing contained in these materials should be taken as such. Investment Advisory services are offered through West Michigan Advisors. Advisory services are only offered where West Michigan Advisors and its representatives are properly licensed or exempt from licensure. No advice may be rendered unless a client agreement is in place. Securities offered through Level Four Financial, LLC, a registered broker dealer and Member of FINRA/SIPC.