Is Your Financial House In Order

The end of the year is approaching, and it’s a great time to take steps that can help improve your personal finances. Here are 10 finance steps to consider before the end of 2023:

• If you’re not retired, review your contributions to retirement accounts, such as IRAs.

• If you or your spouse is 72 or older, Required Minimum Distributions (RMD) must be taken before Dec. 31. Otherwise, you could incur an additional 50% penalty tax.

• Make charitable contributions you want to be able to claim as a deduction on this year’s tax forms.

• Compare this year’s spending against your budget and make any necessary adjustments for next year.

• Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.

• Check your asset allocation and make any necessary changes.

• Take some time to define your family’s financial goals and concerns for next year: Do you want to save more for retirement or for college? Is a particular budget category consistently over budget? Do you expect any unusually large bills next year, such as college tuition or a new roof?

Taking the time to address these items now can help make next year successful.

We are ready to help you with these steps. Contact us today at bmafinancial.org/contact or call (844) 262-8637! Not a BMA Financial Member yet? We invite you to schedule a free financial assessment at bmafinancial.org to see how we can help you manage God’s money, God’s way, for God’s glory!