Your Money Journey: Lisa Sakai
We all start the year out with the best intentions, don’t we?
We are going to lose those ten pounds, eat healthier, sleep more, meditate, and get those pesky financial to-do things done. And then life hits around February and we are happy we made it to the end of the day.
It’s ok that maybe some of your goals have become distant memories. Remember it is not how you start but how you end. You still have time to make a strong finish of the year and the best part is, that everyone decides to take the holiday season off so you might be able to get some things done quicker and easier than earlier in the year. Less people on hold for customer service and more opportunities to do some planning.
“The less you have to think about it, the more likely you will at least save something!”
3 End Of The Year Financial Tips:
I believe that life is about taking small steps so you can make progress and build momentum. So, instead of having a long list of end-of-the-year tips and tricks, here are three things to consider. Try to take action on at least one if it fits your wants, needs, and situation.
1. Look At Alternative Areas Where You Can Save:
We often get into a rut and make our savings automatic which is great for most of the year. The less you have to think about it, the more likely you will at least save something! However, what if you took the last month of the year and looked at where you could stretch yourself a bit. Maybe you are contributing to your 401K but could also contribute to a Roth IRA?
You could get that started and put some money in it by the end of the year, right? What about rebuilding that emergency fund that you had to use for new tires in May? Wouldn’t that take a bit of stress out of the holidays? Wouldn’t that help you feel financially strong? Rather than trying to hit all of your savings goals in one month, look at ways you can just stretch yourself a bit and you will be better off – not just in 2024 but in the long run. Consider it self-care.
2. Look Into Personal Insurance:
Many don’t know this but life insurance companies have a policy quota they are trying to hit each year. If they are running behind their target, they often will try to push through policies in the last month of the year.
If you’ve been putting off getting life, disability, or long-term care insurance, the end of the year might be a wonderful time to put some in place. You might have less hoops to go through and wouldn’t it be nice to start the new year off fresh and completely covered for your family and loved ones? Knowing you are covered is a great step towards feeling financially strong.
3. Consider Charitable Donations:
We all know that we start off each year thinking we want to be more involved with our community and give back through volunteering and donations. Then the obligations pile up and you are looking at December 30th and have done nothing. Life happens. Something you can do easily is make a donation to a charity, but most people aren’t even sure which charity they want to give to. If this is you, you might want to investigate a Donor Advised Fund.
“It’s a pretty nifty tool so you’re ready when you want to make that donation.”
It allows you to make a contribution of after-tax dollars to a charity in the future without having to decide which charity you give to yet. It also helps as being a tax deduction and you can decide to give to multiple 501(c)(3) organizations with this money over many years. Finally, it gets invested so hopefully your initial deposit will grow, and you can do even more good in your community.
It’s a pretty nifty tool so you’re ready when you want to make that donation. If this appeals to you and want to take advantage of it for 2023, you do need to open and fund the Donor Advised Fund by the end of the year.
Your Path To Becoming Financially Strong:
These are just three examples of small things you can do to get your 2024 started with the feeling of accomplishment instead of looking in the mirror on January first wondering where 2023 went.
Please Note: The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners does not provide legal/tax advice or services. Please consult a qualified legal/tax advisor regarding your specific situation. Additional resources can be found in Lisa’s bio below.
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About the Author:
Lisa Sakai is a Financial Consultant who works with clients on Bucket List Acceleration and getting to live the life they want now. As the co-founder of One Vision Retirement, she has been working with clients across the country for over 12 years. Lisa’s advice provides easy to understand, logical steps and exercises that people can take action on right away. Learn more about Lisa Sakai here at One Vision Retirement.
Need help getting started? No sweat, set up a no-obligation, Get to Know you Call today: https://calendly.com/onevisionretire/gettingtoknowyou One Vison Retirement. Your Path to Financial Independence with 20/20 Vision.
