Financial Checklist:  Things To Consider As We Approach 2024

1. Review your Assets and Liabilities

It's important for you to understand and be aware of your existing financial condition before you do anything with your finances. Whether you're saving for a home, education, retirement, or a vacation, understanding where you currently stand financially allows you to set specific and attainable objectives and ensures you create an effective financial strategy for the year ahead

2. Define S.M.A.R.T goals

Financial challenges, you might encounter can change your financial profile and goals. You should ensure that your finances remain in accordance with your goals as each year passes. Your financial position plays a significant role in making informed investment decisions. Whether you're considering stocks, bonds, property invenvestments, or other investment vehicles, knowing your risk tolerance, time horizon, and available capital helps you make investment choices aligned with your financial goals.

3. Maintain a Budget and Rein in Major Expenses

Thinking hard about everyday expenses can help you enhance your savings. Your budget is a tool that enables you to make financial progress. Using the information you collected from step one makes setting up your budget a breeze. A clear understanding of your financial position is essential for creating an effective budget. Budgeting helps you allocate your income towards different expenses, savings, and investments. It ensures that you're not overspending and helps you plan for both short-term and long-term financial needs.

4. Build an Emergency Fund

Life is unpredictable, and emergencies can happen at any time. Having a financial cushion can prevent you from going into debt when unexpected events occur.It is always advisable to build an emergency fund to cover your expenses in times of need or any unforeseen event. This would ideally cover 12-24 months of expenses. This can act as a safety net allowing you maintain your financial stability in uncertain times.

5. Plan your year-end portfolio review

If you are planning to complete several financial tasks before the new year, reviewing your investment portfolio should be one of them. With all the changes that you and your investment portfolio might have experienced over the prevailing year, it's important to take some time to evaluate your holdings this year. This allows you make informed decisions aligned with your investment strategy eliminate the consistently underperforming schemes that drag down the overall portfolio returns. Conducting an end-of-year financial review is a valuable practice to assess your financial health, make adjustments, and set goals for the upcoming year.

If you are ready to take control of your financial future? Talk to one of our qualified financial advisors today! Whether you're planning for retirement, managing debt, or looking to invest wisely, our experts are here to guide you. Your financial goals are with reach - let's maker them a reality together. 

Contact our Dublin officie on 1-8022385 or email life@dolmen-insurance.ie