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7 Year End Financial Task

Financial Task

2013 is about to over in few days.  To welcome 2014 you must be preparing for new year party. To make you wealthier in 2014 we are herewith 7 yearend financial tasks.

1 Check your net worth

It is now time of financial appraisal. What you own, minus what you owe. It is now time to compare your net worth, what it was last year at this time. You need to check if you are happy with your progress or do you need to make some changes.

2 Investment Appraisal

How have your investments performed against relevant benchmarks?  If a fund or stock significantly lagged its benchmark, or hasn’t kept up with its peers for several years in a row, it might be time to make some changes in portfolio.

3 Check you progress towards retirement

Retirement is time to enjoy life. If you have already started retirement planning exercise you need to track the progress.

If you have not started anything towards retirement than it is time to start. You need to constantly reevaluate Will you have a happy, stress-free retirement?

4 Insurance Cover

At year end you need to check that if you are covered sufficiently with insurance. If you don’t have adequate risk coverage we recommend purchasing good term plan.

5 Medical Expenses

At year end you need to check if in current year your medical expense total is more than coverage of your health insurance. If required plan to purchase additional health insurance coverage.

6 Emergency Funds

At year end you need to check that your emergency fund is intact or not. If require you should plan adding additional amount in emergency fund.

7 Plan for 2014

Open a calendar and think about any major, non-monthly expenses you’re likely to face next year.  This includes cost of enjoying holidays or additional educational expense like tuition fees or marriage expense of your child.

Hope you will follow this year end financial task. Wishing you healthy and wealthy 2014!

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money.